Digital currencies gained popularity since they came into the financial system. In 2009, Bitcoin was first developed by Satoshi Nakamoto. It was the most successful virtual currency for a long time. But disagreements with the bitcoin community led to the recent schism & a subsequent launch of bitcoin cash. The appearance of decentralized e-currencies is fragmenting the landscape of digital payments further. For example, the very first “sharia-compliant” currency recently developed in Dubai that is pegged to the gold price.