Will Physical Money Become a Thing of the Past?
The newest thing to add to the growing shortage list in the United States right now is Coins. The shortage is reportedly due to the Coronavirus and it got me thinking, how much longer will physical money be around?
According to Forbes, the Senate Banking Committee got together on June 30th to look at the future of the "digital dollar". The United States is not the only Country exploring this idea, as China has recently unveiled their own form of digital currency known as, DCEP, which is currently used in the applications WeChat and AliPay. This is not the first time the U.S. has explored the idea of digital currency. Last year, Facebook unveiled Libra, and it gathered no so favorable attention.
With the distribution of the $1200 COVID-19 Stimulus Checks, which many people are still waiting to receive and a whopping $1.4 Billion was sent to the deceased (whoops), the idea of the digital dollar received new life. Though unclear when, or if, the digital dollar becomes a thing, it is clear that if other Countries continue with the idea, the U.S. would also follow suit.