US Digital Dollar Will Impact Money Market Around The World

US Digital Dollar

US ‘Digital Dollar’: Will It Reshape How Money Is Used Around the World?

US President Joe Biden has ordered the federal government to look into creating a digital dollar, a move with the potential to reshape how money is moved and used around the world.

Before his order results in a virtual greenback, there will be numerous major impacts — and risks — to consider first.

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Here are some key questions:

What form would a digital dollar take?

It would still be a dollar issued by the US Federal Reserve central bank, like all US bills and coins used now, but in a digital form that is accessible to everyone, not just financial institutions.

Unlike money deposited in a bank account or spent via apps like Venmo and Apple Pay, it would be registered in the accounts of the Federal Reserve, not a bank.

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At the same time, the digital dollar would be worth the same as its paper counterpart, a divergence from cryptocurrencies which currently have highly volatile valuations.

Key questions remain unanswered, like whether a digital dollar would be based on blockchain technology like bitcoin or if it would be linked with some sort of payment card.

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