Electronic Currency

Electronic money, also known as e-money, electronic cash, electronic currency, digital money, digital cash or digital currency) refers to money or scrip which is exchanged only electronically. Typically, 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. Also, it is a collective term for financial cryptography and technologies enabling it.

Electronic currency is essentially a system that allows a person to pay for goods or services by transmitting a number from one computer to another. These transactions are carried out electronically, transferring funds from one party to another, by either a debit or credit. These funds are instantly cleared and secured by using strong encryption, thus eliminating the payment risk to the consumer. It is only a matter of time before electronic currency will replace the present monetary systems. Thus, electronic currency is the digital representation of money, or more accurately, the digital representation of currency.

Digital Currency is also known as Electronic Currency. Digital Currencies are able to provide privacy to their customers, and still be able to guarantee that they are not being used for money laundering. Digital Currencies are "orthogonal" to the traditional financial world. As long as all the money coming in and out goes through banks with anti-money laundering practices in place, then money laundering is impossible. Furthermore, all of the Digital Currencies in business at this time are firmly committed to discouraging crime and money laundering, while at the same time protecting the privacy of their account holders. This means you can use Digital Currencies to do business with confidence that you are in good company!

Reference:
http://centregold.ca/
http://www.murdoch.edu.au/elaw/issues/v6n3/ishman63.html
http://www.nowpublic.com/what_is_digital_currency_digital_money_real_cash