The Rise Of Digital Dollar Momentum Worries Wall Street

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Wall Street has remained the biggest financial bastion on this planet. It is not just the biggest group in the US alone but has its impact all across the world with its incredible power of money and other things. However, the rise of digital currency is seen as a negative trend in the financial sector. In other words, Wall Street is certainly not thrilled with it. We see a number of banks and credit card companies along with digital payment processors that have pushed the electronic alternative to paper bills that the US citizens are worried about their wallets or something that the digital dollar has an impact on. The moment the officials from the known banks based in Boston along with other places and the MIT who are not busy in preparing certain prototypes for the digital dollar platform, one can see something is coming out for their research claims James Cunha, leading man from Boston Fed. 

One can see the changes being made by the digital currency in a big way that can prompt people in the US to consume money with the help of a certain financial lobby giving the creation of the Fed and Congress, which can further help in cutting it down. As they see their revenues being hampered, the banks were then seen talking to Congress about the digital dollar that is not required, while the money wallet companies, including Mastercard Inc and Visa Inc, are just trying to work with the central bank in order to ensure that they are working with the new currencies that are required for their own network. People seemed to be afraid that one can be seen disrupting the incumbent Wall Street players with the help of a new kind of payment claimed by the top analyst of a top firm in the US. 

The US treasury-based agency is yet to allow the Fed to roll out this idea of backing the virtual currency or creating their own in the market. Also, they are yet to give any guidelines for interacting with the current global payments network. Yet, the US and several other nations are seen committed to making the currencies digital, which is seen as making financial industry executives very much nervous. The top officials feel that the fire seemed to have ignited. The companies are now working on different digital currencies, and several projects based on the same are coming out. Looking at this issue, one can find the different forms and usage of digital cash that can be considered by the US government and the banks. With the growing popularity of digital currency, particularly Bitcoin with the market value going beyond 1 Trillion USD, it is likely to come into consideration in a short time. 

There are several new currencies that are being issued by central banks as an alternative to paper bills, cash is yet to go away, but they are likely going to face the decline. Using digital currencies like holding your smartphone to scan the code and do the needful. The use of digital cash would easily flow from one account to another. This is the way the other forms of digital money works in the US that are backed with US dollars. These are nothing but simple digital entries in their respective bank accounts; however, with the advent of digital currencies like Bitcoin, the scene is simply going to change in the coming times. For a majority of vendors, one can find the settlement to be happening immediately without being waiting for the money or going for any fraud. 

On the other side, we see the efforts from the US government that such projects can help in boosting up the banking system in a big way. In the recent media interaction in Europe, the concerned department head from the bank was seen talking about the digital currencies that claim that it is integrated over the current payment systems with the help of different forms of money. However, the project that banks propose about the prototype, it is still not clear that they are going to use blockchain technology, which undermines Bitcoin and other digital currencies in a big way. Once this comes out in the market, others will also join the race to code the digital money. You can use to trade in bitcoin.

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