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Despite the continuing turmoil in the crypto and digital-finance sectors, digital currencies are here to stay. This means that financial institutions must be ready to manage the associated risks, such as price volatility, fraud or money laundering, and reputational damage.

A cutting-edge look at how accelerating financial change, from the end of cash to the rise of cryptocurrencies, will transform economies for better and worse. Money and finance are on the verge of dramatic transformations that will reshape their roles in the lives of ordinary people.

Money's destiny is to become digital. Throughout the ages physical money in the form of objects, coins and notes has increasingly been replaced by more abstract means of payment such as bills of exchange, cheques and credit cards. In the years to come that trend to virtual money will continue apace.

The Federal Reserve has made no decision on issuing a central bank digital currency (CBDC) and would only proceed with the issuance of a CBDC with an authorizing law.

People bartered before the world began using money. The world's oldest known coin minting site was located in China, which began striking spade coins sometime around 640 BCE. Since then, the world adopted banknotes and moved into digital forms of payment, including virtual currencies.

Benefits of Digital Currency Using digital currency, you can complete payments much faster than current means, like ACH or wire transfers, which can take days for financial institutions to confirm a transaction. Cheaper international transfers.

Digital currency is any currency that's available exclusively in electronic form. Electronic versions of currency already dominate most countries' financial systems. What differentiates digital currency from the electronic currency that's already in bank accounts is that digital currency never takes physical form.

Though there are infinite ways the future of money can evolve, Prasad predicts the combination of cryptocurrency, stablecoins, central bank digital currencies (CBDCs) and other digital payment systems will lead to the ?demise of [physical] cash.? However, he emphasizes that one technology alone won't overtake it.

A central bank controls a CBDC, whereas cryptocurrencies are almost always decentralized, meaning they can't be regulated by a single authority, such as a bank.

How long is the lifespan of U.S. paper money? DenominationEstimated Lifespan*$16.6 years$54.7 years$105.3 years$207.8 years3 more rows ? 09-Mar-2020