Easily Replace Currency into the Digital Contract

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How to Replace Currency into the Digital Contract

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hey whats up guys john here jerome powell i think made the most important statement in the history of america just the other day you know weve become very comfortable and accustomed to holding paper dollars some would say oh well i use credit cards and me too but i like the idea of having both options if i want to do a transaction in cash i should be able to do it but now whats happening is were rolling into this new central bank digital currency and you know six months ago a year ago two years ago people think thats crazy and just tin foil hat and its not happening but now jerome powell came out and said no this is happening and its going to be happening in 2023 and we look at what is this what does this mean for us right we look at what happened in china china rolled out a central bank digital currency and when they rolled out this currency all they simply said was were going to take care of your laundry and i think theyre they offered thirty dollars or fifty dollars and mil

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Is crypto going to replace currency?

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.

How do you convert money into digital currency?

One of the easiest ways to convert fiat into digital currency is to download the app of one of the reputable exchanges like MEXCGLOBALs, sign up, undergo KYC verification, and link your bank account. You can now invest in any of your choice to generate ROI.

What would a digital dollar be?

A U.S. CBDC will be the digital or electronic form of the dollar that acts as legal tender and is regulated by the government. A U.S. CBDC will act as a supplement to existing forms of payment. Identity verification, intermediaries, and privacy protection are required parts of launching a CBDC.

Is there a physical dollar for every electronic dollar?

No. First of all most dollars exist as a number in a computer. When you pay with a debit card or credit card, numbers are adjusted on computers, there is no actual physical paper note being exchanged, they are not even printed at the federal reserve at all. Only a fraction of the money supply exists as paper notes.

What is the replacement of the dollar?

The replacement global currency is an old favorite. Its called SDR (Special Drawing Rights). What is SDR? SDR is an artificial [global] currency created by the International Monetary Fund.

What is the difference between physical and digital dollars?

Digital money is not physically tangible like a dollar bill or a coin. It is accounted for and transferred using online systems. One well-known form of digital money is the cryptocurrency Bitcoin. Digital money can also represent fiat currencies, such as dollars or euros.

Is there a physical dollar for every digital dollar?

Never. If the US does institute a digital version of the dollar it will simply be another form of the dollar in your pocket, not a replacement, no more than a $5 bill is a replacement for a $1 bill. Just different forms of the same thing.

How many US dollars physically exist?

2022, the total amount of physical currency in the U.S. is $2.3 trillion.

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