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in March President Biden signed an executive order allowing the Federal Reserve to explore the possibility of creating a centralized Bank digital currency in the United States some people on social media have claimed that that executive order would make paper money worthless verify reader Jerry emailed the team to ask if President Bidens executive order would replace paper money with digital currency so lets verify our sources are executive order 14067 the Federal Reserve the Atlantic Council a nonpartisan U.S Think Tank and Aaron Klein senior fellow in economic studies at the Brookings Institute President Bidens executive order does not have anything to do with paper money it asks the Federal Reserve to figure out how to create a central bank digital currency the digital money that youre used to the ones with credit card purchases or transactions on apps like venmo or Zell well those are managed by commercial Banks not the federal government cryptocurrencies like Bitcoin are also
