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Though there are infinite ways the future of money can evolve, Prasad predicts the combination of cryptocurrency, stablecoins, central bank digital currencies (CBDCs) and other digital payment systems will lead to the ?demise of [physical] cash.? However, he emphasizes that one technology alone won't overtake it.

We have been issuing banknotes for over 300 years and make sure the banknotes we all use are of high quality. While the future demand for cash is uncertain, it is unlikely that cash will die out any time soon.

Several U.S. financial institutions are collaborating to test the feasibility of a digital dollar based on distributed ledger technology. Participants include Mellon, Citi, HSBC, Mastercard, PNC Bank, TD Bank, Truist, U.S. Bank, and Wells Fargo.

CBDC may replace the paper version of the U.S. dollar. At the same time, society may focus on mainstream adoption of a decentralized cryptocurrency.?

?There are no plans to convert the U.S. dollar into a digital asset,? White House Assistant Press Secretary Robyn Patterson told Reuters in an email. There is also no credible news reporting online about such an announcement by Biden.

The Digital Rupee (e?) or eINR or E-Rupee is a ised digital version of the Indian Rupee, issued by the Reserve Bank of India (RBI) as a central bank digital currency (CBDC). The Digital Rupee was proposed in January 2017 and launched on 1 December 2022.

It's worth noting that the central bank has yet to commit to creating a CBDC in the first place, so the final form of a digital dollar system remains an open issue. Presently the Fed is studying how a digital dollar could help expand consumer access to the financial system and support faster and cheaper payments.