Digital Dollar Project: The Large-Scale Modernization of the Financial Institution

NFTs, Cryptocurrency, Blockchain, Tokenization. There is more hype than ever for these technologies and endless debate on the utility of this technology. . While consumers are attempting  to understand the value of cryptocurrency, governments and private firms across the globe are doing the same, and they are experimenting with the idea of a central bank for digital currency that will adapt and meet changing consumer needs.

Main Takeaways

• Benefits of a Central Bank: The digitization of currency will not only simplify the distribution of government cash, but it will eliminate banking deserts, which are large populations of the country where traditional banking branches are not accessible to the general public. By moving to a digital currency, users will be able to easily complete transactions similar to how cash purchases are done, but without the time needed to complete a credit transaction.
• Programmable Money: One of the exciting innovations and benefits of digital tokens is the concept of “programmable” money. This means that during the design and build phase, the technology that houses the currency can be reconfigured to scale and add critical functions at any time.
• Easily Traceable: By modernizing currency and moving to a digital token, the flow of currency from one user to another will be much easier to track than physical transactions. When transactions are done digitally, you can trace that currency back to where it originated, making it simpler and easier to detect fraud.

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