Digital Dollar Coming Very Soon

Digital money has been in development for some time by technology companies. The goal is to democratize finance and increase access to financial products and services.

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The overarching goal is to reach a point where domestic and cross-border payments are much cheaper and instantaneous.

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Regulation is key in a global development such as this, but it will be a long and difficult road. All national authorities would need to agree on regulatory frameworks, and regulations would need to ultimately be coordinated to bring order to the markets.

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The central banks are also obviously working on creating a digital currency. Most crucial in developmental planning will be figuring out how to capture and hold onto consumer trust.

Cybersecurity risks will always be a concern, but the hope is that the central banks will design the currency responsibly and with customers and their privacy in mind.

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More than 7 million American households do not have a bank account. Because they don't have bank accounts, they are forced to pay fees when they cash their paychecks and send payments with money orders.

With digital currency, people could send and receive money without the extra fees.

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Most existing money transfers take days to go through, especially on the weekends because banks are closed and cannot confirm transfers. Using digital currency would mean that transactions would work at the same speed every day of the week.

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