In order to address the question, it is proposed to explore the definition of currency, and thus address its technological, economic and social dimensions, in order to conclude whether it can have a completely digital nature; it is concluded that universal access to the digital environment is still lacking for the whole society to recognize it as a means of exchange -also universal-, or at least, a representative part of humanity still needs to have access so that there is general consensus for the use and recognition of a completely digital currency.

What is digital currency?

The definition of currency according to the legal dictionary (Cabanellas), is “in a broad sense, any sign representative of the value of things, which allows to fulfill obligations, make exchanges or compensate damages. Strictly, the piece of metal (whether gold, silver, copper, aluminum or some alloy), usually in the form of a disk, which usually has on the obverse side the effigy of the sovereign, the national coat of arms or some other allegory; and on the reverse side the value it represents and the country in which it is legal tender. Money. Cash.”

Implicit in the definition is its purpose – economic representation for the fulfillment of obligations-, its form -metal, disk, shield-, categorized for the validation of the value -legal acceptance, legal tender in a territory-.

There is empirical evidence that in the functioning of the economy digital instruments are recognized as a means of representation and to fulfill obligations; on the other hand, their form represented by digital means has been accepted, i.e. on a technological and economic level their functioning has already been proven.

However, from a social point of view, if we accept that currency is a mechanism of exchange and assignment of value accepted by the whole society without exclusion -without prejudice to the existence of more precise economic and legal definitions-, it means that the whole society as a whole and universally should have access to use it as a medium, however, since its digital characteristic presupposes that the whole modern society has access to the digital environment to be able to interact with the rest of the community and enjoy the benefits of the use of digital currency as an exchange mechanism.

In this order of ideas, the question arises:

Does all humanity have access to the economy via digital channels?

Without fear of being wrong, I will say that I still do not.

There is still an access gap to the digital world in many countries -the northern area of Central America is an example-; therefore, we can hardly say that we are ready for a new type of fully digital currency if there is no universal access.

Of course, being a conclusion based on the assumption of universality, this statement carries with it relativity – to what level of access is something universal, so preparing a sufficient and peaceful consensus of humanity is the minimum level of readiness for the use of a fully digital currency; which carries with it the implicit political dimension of the search for the common good.