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No, Biden executive order won't replace paper money with digital currency. Some people on social media have claimed that an executive order signed in March 2022 would make paper money ?worthless.? That's false.

The FedNow Service will be available to depository institutions in the United States and will enable individuals and businesses to send instant payments through their depository institution accounts. The service is intended to be a flexible, neutral platform that supports a broad variety of instant payments.

In the executive order, the administration said that a digital dollar has the potential to support efficient and low-cost transactions, particularly for cross-border payments, and would foster greater access to the financial system.

Debit cards and electronic transfers are replacing physical money, leading to a system where governments, banks, businesses, and people transfer funds by having a third party change numbers on the equivalent of an electronic ledger.

Savings accounts are a safe place to keep your money because all deposits made by consumers are guaranteed by the FDIC for bank accounts or the NCUA for credit union accounts. Certificates of deposit (CDs) issued by banks and credit unions also carry deposit insurance.

The Federal Reserve isn't funded through the congressional budgetary process, but largely from the interest on government securities, acquired through its open market operations. Investors can purchase government securities at TreasuryDirect.gov for a steady cash flow.

FedCash® Services Depositing and Ordering FedCash Services provide your institution with the ability to order and deposit currency and coin with the Federal Reserve Banks. To obtain FedCash Services, you must have: An account with the Federal Reserve Banks, or a settlement relationship with a correspondent institution.