1. Yes, Alhamdulillah. Fasting right now as well.
2. Fasting is one of the five pillars of Islam (the five pillars are: Shahadah, belief in only one true god (Allah (swt)). Salat, praying the 5 prayers a day. Sawm, this one is for fasting. Zakat, donating a part of your wealth with those in need and last but not least Hajj, going to Mekka 🕋. Believing in these pillars and following them is the key to being identified as an islamic person) and it is an act of worship, it’s a chance to get closer to Allah (swt). It’s also a way to become more compassionate to those who are in need. For example: people in third world countries who have (almost) nothing to eat. Fasting is also seen as a way to learn patience and break bad habits.
Basically Ramadan is a month of opening your mind, heart and soul and giving your all in order to get closer to Allah (swt).