DefinePK

Abstract

Cryptography is used to protect financial transactions, confirm their authenticity, and control the issuance of new currency in digital money, also known as cryptocurrency. It can be exchanged for fiat currencies like the dollar or the euro and is not backed by any government. It can be used to make online purchases. To succeed, Malaysian banks must accept digital money so they can reach more people and provide services to more customers. Additionally, digital currency might enable banks to save time and money. Financial institutions that don't accept digital currency run the risk of falling behind the competition as it grows in popularity. As was previously stated, digital money is a completely digital form of cryptographic currency. It is accepted as payment for goods and services on the Internet and can be exchanged for other currencies, but it is not backed by any government or central bank.