What are digital currencies?
Digital currency is fiat money which exists in the digital form. It has all characteristics of traditional fiat money. Digital currency can be used to purchase goods or services using medium such as mobile or web. Digital accounts and wallets can be treated as bank accounts.
What are cryptocurrencies?
Cryptocurrencies are a type of digital currencies. They can be used as a medium of exchange and uses cryptography at an underlying level. Most of the cryptocurrencies are distributed and decentralised and use Blockchain as their ledger backbone. There is no central bank or centralised supervisor of cryptocurrencies unlike fiat money and its digital counter part.