Monday Morning Brief for May 2, 2022: Digital dollars inevitable, but ...

May 03, 2022 1 min read

Monday Morning Brief for May 2, 2022: Digital dollars inevitable, but ...

By William T. Gibbs , Coin World, Published: May 2, 2022, 7 AM

Digital U.S. currency is inevitable, but it does not necessarily mean that traditional forms of currency will disappear during the lifetimes of those reading this week’s issue.

As Paul Gilkes reports this week, a member of Congress has introduced legislation that if it becomes law, would require the Treasury Department “to develop and pilot digital dollar technologies that replicate the privacy-respecting features of physical cash.”

Nations and central banks throughout the world are exploring the possibilities of issuing their respective currencies in digital forms. If this happens — when this happens —  it will simply be a natural progression that began centuries ago when the first forms of “money” (physical coins and notes) were gradually replaced by alternative methods of payment.

Today, “money” no longer has to have a physical form. Many of us can go days or weeks or months of paying for goods and services without tendering traditional forms of money such as coins or paper money. Alternative methods of payments — credit cards and phone apps linked to one’s bank accounts — are widely used today

    The original article can be found at https://www.coinworld.com/news/paper-money/monday-morning-brief-for-may-2-2022-digital-dollars-inevitable-but