With fewer consumers using cash on a regular basis and more countries adopting virtual currency, the New York Federal Reserve Bank and several other major banks last month launched a 12-week pilot program to test the use of a digital dollar. But some experts and activists question whether a digital currency will live up to its potential, like making banking more affordable.
The program is the latest step by the central bank to begin its rollout. These efforts also follow the introduction of the eCash Act in March by Rep. Stephen Lynch, D-Mass. The bill, which was cosponsored by three other Democratic lawmakers but not passed by either chamber, would call on the Treasury Department to take steps toward implementing a digital currency minted by the government.
“The reality is that cash — that is, physical currency — is on its way out in practically every economy in some countries….The use of cash is…
