Reference no: EM133456056

Question

Digital currency is the digital format of fiat currency that you carry in your wallet or withdraw from an ATM. It is the same currency backed by an authority, the Reserve Bank of South Africa. Cryptocurrency is not backed by a central figure but derives its purchasing power from its community of users. Technically, they are pieces of code created by 'mining' that are managed through a digital ledger called blockchain to ensure transparency at each stage of its journey. Although coins such as Bitcoin and Ethereum have many uses in regard to NFTs and the upcoming metaverse, they cannot be utilised outside of blockchain, as these are digital assets that can be traded but not used as legal tender in many countries. Make a case using benchmarking to evaluate the impact of cryptocurrencies with other digital currency transactions in the economy. Note The SA Reserve Bank role, SARS role and cybercriminals.