Electronic currency which is also known as electronic money, e-money, electronic cash, digital money, digital cash or digital currency refers to money or scrip which is exchanged only electronically. In general, this involves use of computer networks, the internet and digital stored value systems. Electronic Funds Transfer (EFT) and direct deposit are examples of electronic money. EFT systems range from the now-familiar automated teller machines (ATM)
to “virtual banking” on the Internet. However, use of digital cash has been relatively low-scale. One of the success examples has been Hong Kong’s Octopus card system
, which started as a transit payment system and has grown into a widely used electronic cash system. Furthermore, Singapore also has an electronic money implementation for its public transportation system such as commuter trains, bus and etc which based on the same type of card called FeliCa. Chipknip 
is a very successful implementation is in the Netherlands.
Digital cash development concentrates on:
1) being able to use it through a wider range of hardware such as secured credit cards
2) linked bank accounts that would generally be used over an internet means, for exchange with a secure micropayment system such as in large corporations (PayPal).
Systems of accounting such as Altruistic Economics are emerging that are entirely electronic, and can be more efficient and more realistic because they do not assume a zero-sum transaction model.
There are many potential issues with the use of digital cash although digital cash can provide many benefits such as convenience and privacy, increased efficiency of transactions, lower transaction fees, new business opportunities with the expansion of economic activities on the Internet. The transfer of digital currencies raises local issues such as how to levy taxes or the possible ease of money laundering. In addition, there are also potential macroeconomic effects such as exchange rate stabilities and shortage of money supplies. Some type of cyberspace regulations or laws that regulate the transactions and watch for signs of trouble may address the issues mentioned above.
to “virtual banking” on the Internet. However, use of digital cash has been relatively low-scale. One of the success examples has been Hong Kong’s Octopus card system
, which started as a transit payment system and has grown into a widely used electronic cash system. Furthermore, Singapore also has an electronic money implementation for its public transportation system such as commuter trains, bus and etc which based on the same type of card called FeliCa. Chipknip 
is a very successful implementation is in the Netherlands.Digital cash development concentrates on:
1) being able to use it through a wider range of hardware such as secured credit cards
2) linked bank accounts that would generally be used over an internet means, for exchange with a secure micropayment system such as in large corporations (PayPal).
Systems of accounting such as Altruistic Economics are emerging that are entirely electronic, and can be more efficient and more realistic because they do not assume a zero-sum transaction model.
There are many potential issues with the use of digital cash although digital cash can provide many benefits such as convenience and privacy, increased efficiency of transactions, lower transaction fees, new business opportunities with the expansion of economic activities on the Internet. The transfer of digital currencies raises local issues such as how to levy taxes or the possible ease of money laundering. In addition, there are also potential macroeconomic effects such as exchange rate stabilities and shortage of money supplies. Some type of cyberspace regulations or laws that regulate the transactions and watch for signs of trouble may address the issues mentioned above.
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