Quartz
The Fed’s digital dollar could bring millions into the digital economy
A Fed-backed digital dollar would in theory function like cash–without delays, processing fees, or onboarding requirements–and could usher unbanked or underbanked Americans into the digital economy. Building a central bank digital currency (CBDC) carries risk for failure, hacking, or breaches of personal privacy, but if the Fed can bring a digital dollar online, it could make the digital economy much quicker, more efficient, and more accessible to those who need it most.
