Quartz The Fed’s digital currency has the potential to draw millions of people into the digital economy. In principle, a Fed-backed digital dollar would work like cash, with no delays, fees, or onboarding requirements, and might help bring unbanked or underbanked Americans into the digital economy. Building a central bank digital currency (CBDC) bears the danger of failure, hacking, and data breaches, but if the Fed is successful in bringing a digital dollar online, it might make the digital economy considerably faster, more efficient, and more accessible to those who need it most./n
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