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CLAIM: Mortgage contracts will soon be ?null and void? because U.S. banks are switching to digital currency. AP'S ASSESSMENT: False.

Under 18 U.S. § 486, it's a criminal offense to make or pass any metal coins "intended for use as current money, whether in the resemblance of coins of the United States or of foreign countries, or of original design." An offense is punishable with up to 5 years in prison, a fine, or both.

Currency board regimes are often praised for their relative stability and rule-based nature. Currency boards offer stable exchange rates, which promote trade and investment. Their discipline restricts government actions. Wasteful or irresponsible governments cannot simply print money to pay down deficits.

Reserve Bank of India (RBI) Governor Shaktikanta Das said that Central Bank Digital Currencies (CBDCs) is going to be the future of the money emphasizing the increasing prominence of CBDCs. He stated that the RBI is actively preparing for this transformation, recognizing CBDCs as the future of currency.

Money's growing forms Cryptoassets (e.g. bitcoin): Allow for anonymous peer-to-peer digital transactions without any intermediary like a bank, but are highly volatile in value. Stablecoins (e.g. tether gold): Like cryptoassets but backed by fixed assets such as US dollars or gold.

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.

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 Throughout the ages physical money in the form of objects, coins and notes has increasingly been replaced by more abstract means of payment such as bills of exchange, cheques and credit cards.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 top US bank regulator says that crypto s are unlikely to replace traditional currency and that banks should proceed cautiously when they experiment with the asset class.