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Assets (currencies)

26. 12. 2024

An Asset (also referred to as an Currency in backend) represents a unit of measurement within the system. This means that a currency can represent any entity tracked or counted in the system, such as fiat currency, electronic money, points, bonuses, and more.

Each currency is uniquely identified by a system-generated ID, which is assigned upon creation.

After the system set-up there are default currencies pre-defined by the configuration file. 

PaaS clients may request adding specific currencies to the configuration. 

Later on, System users with relevant permissions can add new currencies. Currencies can’t be deleted from the system via back-office or using the APIs. They can only be deactivated.

Asset Status

Status Transition Description
Active Disabled Available to operate with (create accounts, set commissions, process operations with this currency)
Disabled Active Unavailable to operate with (create accounts, set commissions, process operations with this currency)

Service user with appropriate permission can change the Asset status – deactivate or Activate the asset. This is available from the back office and through the  Update Currency API. 

Currency entity structure

API GET /currencies

field name

 UI label in Asset list description value example
id ID Unique UUID, generated by the system for each currency 4a4917e4-7134-470f-9f89-9d1e26217acd
currencyCode Code Currency code, can be any code specified by user or ISO currency code for fiat currency USD
digitalCode Digital Code Currency digital code, can be any code specified by user or ISO currency code for fiat currency 840
name Name Currency name US Dollar
symbol Symbol Currency symbol for representation where it’s required $
fraction Fraction Currency fraction – how many fractional units contains basic monetary unit, for example USD fraction is 100 which means that 1 dollar contains 100 cents 100
scale   How many decimal places should be displayed when showing the balance for a specific currency 2
active Status Whether currency is active. If active is false all operations for the client`s wallets in this currency are forbidden, as well as the creation of new wallets in this currency. true
snPrefix SN Prefix This prefix can be used for generation of wallet serial numbers. Currently it is not used 840_
isMain Main asset Whether currency is main. Main currency means that all exchange rates will be defined for this currency true
availableForExchange – Whether currency is available for exchange. true
type Currency type Possible values:

  • FIAT: for traditional currencies like USD, EUR, etc.
  • CRYPTO: for cryptocurrencies like Bitcoin, Ethereum, etc.
  • BONUS: for bonus points or other reward systems.
  • VIRTUAL: for other system-specific entities that don’t fit the first two categories, like virtual goods or game points.
 FIAT

Currency wallet relation

Each wallet in the system is linked to a particular Currency during wallet creation. A wallet can be linked to one currency.

Currency patterns

Pattern to set currency: [id currencyCode name]: 4a4917e4-7134-470f-9f89-9d1e26217acd USD dollar

UI pattern for other usage: [currencyCode name]: USD dollar

Currency in accounting

Accounting in the system is always performed within one Currency. If several USD are created in the system as different currencies they are considered different currencies because they have different IDs.  So,  if it is required to move issued electronic money between different Currencies, top-up/withdrawal or exchange operations are used. 

For this purpose, the currency exchange rate can be set up as 1.

Another example, if it is  required to perform a transfer from wallet 1 in currency USD with ID 1 to wallet 2 in currency USD with id 2, the following operations should be done:

  • exchange operation if both wallets belong to the same user
  • exchange – transfer – exchange if wallets belong to different users
  • or withdraw – top-up if wallets belong to different users

Assets (currencies)

 

APIs for Currency management

 

Asset Liability and Commissions Collected
The system calculates and updates the following parameters for each existing asset at the close of each operational day:

  • Asset Liability: Represents the balance of the issuing_balance wallet for the current asset on the most recent closed operational day (available only for closed periods).
  • Commissions Collected: The total amount of commission collected in the current asset (both included and not included in circulation) for a closed operational day.

The following wallet types are included in the “Commissions Collected” calculation:

  • regular_system_commission
  • business_system_commission
  • regular_gate_commission
  • business_gate_commission