Of course,we are in 21st century that's tagged by most people as computer era. Everything is now being computerized and digitalized including the semi-former cash money are now being moved gradually into digital form or figure form. Also, even in the business part we have a lot of offline business Investment now moving into online business investment. Everything is almost leaving our physical sight to digital sight. In United States of America, there is a law that ban citizens going around with physical cash, though you can but it has maximum of cash you can have at hand. If it goes beyond what the law says,such person will be prosecuted. That's how fast these countries are moving with dealing with digital.
Even here in Nigeria with eNaira launched but not related, the amount of cash you can have at hand must not be above $10,000 that is approximately #5.3M Nigerian currency stated by the states act on money laundering prohibition. The FED didn't just make these laws if not there are some things that need to be corrected or adjusted.
What are the advantages of digitalized currency?
The first advantage why digitalized currency adopted by the FED is to curb the issue of money laundering. It's safe to know how citizens are making their money and moreso those that launder won't be able to move it about freely. Once you have cash at hand that's beyond what the law stated,such person is going to be questioned.
Another advantage of digitalized currency is that ,it's helps to curb security risk, as it's not safe to move around with huge cash at hand which might be risky and open someone to being robbed. Attimes,most people are not robbed but they lose their lives along the line.
Finally,it helps to assist easy transaction and mobility. Digitalized currency help to transact huge sum of money. Imagine some who wanted to purchase something online where you need to pay digital means. This is another advantage that digitalized currency offers.
