FedNow program aims to introduce fully digital US currency

As the United States Federal Reserve (Fed) prepares to launch FedNow — arguably its wholesale central bank digital currency (CBDC) — many analysts and investors are closely watching the potential implications on the cryptocurrency market.

According to a recent video by finance YouTuber Morris Invest, the FedNow program aims to replace paper currency with a digital U.S. dollar, bringing the nation one step closer to a cashless society.

This development comes amidst increasing challenges to the dominance of the U.S. dollar by China and Russia. The decline of the U.S. dollar is forecast due to falling oil transactions and reliance on these countries for minerals necessary for electric vehicle production.

As a result, investors are looking for new opportunities in the emerging digital economy. ---More...

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