Fit Currency Record For Free

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.

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.

As of December 31, 2020, there was $2,040.7 billion in circulation, totaling 50.3 billion notes in volume.

The majority of the world's money is in the form of electronic money. This includes things like credit cards, debit cards, and other types of digital payments. According to a report from the Boston Consulting Group, there was $27.5 trillion US dollars worth of electronic money in circulation around the world.

This means that most of the money you earn, transact with, use to buy goods and services and so on exists only on computers and hard drives. Only an estimated 8% of currency globally is physical money. All the black money piles come from within this 8%.

According to an October 2021 piece by Harvard Business Review, over 97% of money in circulation is from online transactions. However, the digital money used is typically stored in a commercial bank ledger (or a public ledger in the case of cryptocurrency).

United States - Currency in Circulation was 2279.99800 Bil. of $ in September of 2022, according to the United States Federal Reserve.

In total, there is a total of about $1.5 trillion in U.S. physical currency in circulation, and roughly 80% of this value comes from the 11.5 billion $100 notes that are in circulation....Dollar Bills, in Aggregate. NoteNumber of bills in circulation$100 bill11.5 billion6 more rows ?

Money is also present in the form of investments and derivatives. This figure can even touch a quadrillion if we include all of them. It looks like this: $1,000,000,000,000,000. This amount even surpasses the total market capitalization of the U.S. stock market, which is $48,264,353.4 million, as of March 31, 2022.

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.