Difference between Central Bank digital currency and cryptocurrency

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Digital currency and cryptocurrency, both are frequently used words in economic world these days.
However, there is a sharp line of difference between the two.In the meanwhile, people considered both of them are same but it is not so.
Here,we are going to explain that what are basic differences between Central Bank digital currency and cryptocurrency 

1.Meaning

 Central Bank digital currency are essentially the electronic version of Fiat or legal tender money used in any country.
 on the other hand, cryptocurrencies currencies is maintained by cryptography technique and can be transferred easily. Broadly speaking, cryptocurrency is a sub-type of digital currency.

2.Example

Example of Central Bank digital currency is Hong Kong's Octopus card, which is launched in 1997, Chinese Renminbi.
 On the other hand, the example of cryptocurrencies are Bitcoin and Ethereum.

 3.Centralisation

Central Bank digital currency is highly centralised currency which is managed, authorised and legalized by the central bank of any country, such as Reserve Bank of India and Federal Bank of USA.
On the other hand, cryptocurrencies are decentralized in nature. They are neither owned by any country or government but nor it is globally used.

 4.Transparency

Central Bank digital currencies are not transparent at all.The information of its usage  are only available to owner and user.Such as in India, Reserve Bank of India and the person who use it.On the other hand, cryptocurrencies are completely transparent in nature.Anyone can see its origin, transfer, and uses easily.

5.Encryption

 digital currencies does not need any special indigenous method to encrypt them.They are only encrypted and secured by passwords, pins, etc. whereas, cryptocurrencies are stored in wallet using blockchain technology that offers a much higher degree of cyber security.

 6.Stability

 Central Bank digital currencies are usually stable to market votalities and fluctuations.Monetary policies can be used to stabilize them. whereas, cryptocurrencies are highly flexible and volatile in nature. since not managed by any authority, no such monetary policy used in this case.

7.Acceptability

Central bank digital currencies are fully acceptable in the entire country  as well as globally.

 whereas cryptocurrencies are not globally acceptable as most of the countries are hesitant to allow them.El Salvador is the first country to accept cryptocurrency  legally.

 8.Legality

 Central Bank digital currencies are completely legal and authorised by Central Bank but cryptocurrencies are not legal.they are only accepted as per the rule of any country, if allowed.

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