In determining whether electronically stored monetary value is “money”, it is worth reflecting on the main attributes of currency, i.e. the notes and coins issued by the Reserve Bank. Currency is a standard product and is therefore easily recognised and identified. It is risk-free, in the sense that the Reserve Bank stands fully behind it. It is fully negotiable.
Possession of currency is sufficient to establish a right of use, and it can be simply handed to someone else in order to make a payment. Usage is anonymous and not directly traceable. It is convenient and efficient for making small payments. It is valid for payment in all places and circumstances, and its status can only be questioned where forgery is suspected.