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Not only does the Fed have no plans to issue a digital currency, but it has repeatedly said it wouldn't do so without authorization from Congress. How one might work?including how closely it might imitate physical cash?is still a wide-open question that can only be answered through research and testing.

Physical currency isn't becoming obsolete any time soon, so it's important to weigh up your options before deciding to go fully cashless in 2023. Ensuring you can accept some cashless payments though, is essential to keeping with today's trends and customer expectations.

The term currency refers to the tangible form of money that is paper bills and coins. It's used as a medium of exchange that's accepted at face value for products and services as well as for savings and the payment of debt.

Not only does the Fed have no plans to issue a digital currency, but it has repeatedly said it wouldn't do so without authorization from Congress. How one might work?including how closely it might imitate physical cash?is still a wide-open question that can only be answered through research and testing.

For a central bank, if the actors involved in valuing and distributing the currency are beyond your control, then you've essentially ceded control of monetary policy to those actors and their activities. The system will become susceptible to rapid inflation or deflation.

Central bank digital currencies, or CBDCs, in theory offer faster and cheaper payments, allow people currently outside the traditional banking system access to financial infrastructure, and could reduce settlement risk and delays on international trade.

In 2023, the US has the world's reserve currency - the US Dollar (USD). The US dollar accounts for 59% of all foreign reserves. The Euro is second at 20% and Japanese Yen is in third at 5%. The British Pound Sterling is 4th under 5%.

Summary: Americans are using cash less frequently and making payments more often by credit card or through payment apps. Yet, many CFI customers still like having cash as an option.