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What a U.S. Digital Dollar Means for the Future of Your Wallet

Advocates see lower-cost transactions and greater access to the financial system, but critics worry about privacy.

RF digital dollar sign HP crop

Source: Getty Images

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The world’s reserve currency may be about to go digital, potentially transforming the way Americans move and use their money.

On Wednesday, the White House directed federal agencies from the Treasury to the Commerce Department to research a number of crypto-related topics, including the pros and cons of a digital dollar. For consumers, the move could mean lower-cost transactions and greater access to the financial system, but it could also threaten their privacy and hurt U.S. banks that depend on deposits.