Digital Economy, Digital Money and Digital Banking

The Center for Strategic Studies provides a Persian translation of Predrag Radovanović's paper on digital economy.
PictureDigital Economy, Digital Money and Digital Banking

Worldwide deregulation and transformation of telecommunications paved the way for the emergence of international public computer networks infrastructure. The infrastructure represents a technical skeleton of digital economy. In digital economy, information becomes the most important resource. Information society's products take the form of digital information flows through computer networks, which necessitates fundamental changes in philosophy of production and distribution of information. The process of information commodification begins, which requires appropriate form of money. Digital economy needs a universal and generally accepted form of digital money, which is cost–effective for micropayments. The new form of money will bring about fundamental changes in economic sphere as well as a radical transformation of banking industry. Electronic banking, which is complementary to traditional banking, will be replaced with digital banking that is completely based on digital money. Digital banking is a qualitatively new form of banking, which will be the substitute for traditional banking. Digital money and digital banking will form a framework for digital economy's growth...

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