Legal Definitions - electronic currency

Electronic currency, also known as e-money, is a type of money that exists only in digital form. It is transformed into information stored on a computer or computer chip so that it can be transferred over information systems such as the Internet.

Examples of electronic currency include Bitcoin, PayPal, and Apple Pay. These forms of payment allow individuals to make purchases and transfer funds without the need for physical cash or checks.

For example, if someone wants to buy a product online using PayPal, they can transfer the necessary funds from their PayPal account to the seller's account electronically. This eliminates the need for physical cash or checks to be exchanged.

Overall, electronic currency provides a convenient and efficient way to make transactions in today's digital age.