The US is seeking to develop a digital dollar to compete with China's emerging digital currency
to discuss whether there can be a digital version of the dollar using blockchain technology, a system that would, in theory, operate alongside its paper equivalent.online sales of goods and services have spiked
Unlike physical, old-fashioned cash, a digital currency, as its name suggests, is only available in electronic form, eliminating any option to physically withdraw money - it will only ever operate online. A digital dollar would not be a decentralised blockchain-based token, but rather a centralised unit at the Federal Reserve and therefore different from Bitcoin.The debate over whether to introduce a digital dollar has become more urgent during the Covid-19 pandemic.to distribute much-needed stimulus funds directly to citizens. Thus far, cheques have been sent by post, or bank transfers have been used. Both methods can take several days.
When Facebook announced last year that it intended to start a digital currency that could be used by its 2.5 billion global users, the US Federal Reserve Chair, Jerome Powell,
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