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The Bank of Canada (BOC) said government-issued digital currency is unnecessary and would only be feasible if most Canadians asked for it, ing to Blacklock's Reporter.

Not only does the Fed have no plans to issue a digital currency, but it has repeatedly said it wouldn't do so without authorization from Congress. How one might work?including how closely it might imitate physical cash?is still a wide-open question that can only be answered through research and testing.

Currency and monetary instruments of a value equal to or greater than $10,000, or its equivalent in a foreign currency which are not reported, may be subject to seizure and the assessment of penalties or forfeiture. Penalties range from $250 to $5,000. What happens with the information you give us?

There is no maximum limit, however, any amount exceeding $10,000 USD must be declared upon arrival on both the Form 6059B and FinCEN 105. All forms must be filled in completely and truthfully. The penalties for inaccurate declaration and non-compliance can be severe including heavy fines and/or confiscation of funds.

The pilot will test how banks using digital dollar s in a common database can speed up payments. Participating banks include Mellon, Citi, HSBC, Mastercard, PNC Bank, TD Bank, Truist, U.S. Bank and Wells Fargo.

Setting your travel notice over the phone or in-person To set a travel alert for your credit card over the phone, call the number on the back of your card to get in touch with your bank. The customer service line will either let you speak to a representative on the phone or work with an automated system.

The Bank of Canada first launched public consultations on a Canadian digital currency in May 2023. Over 85,000 Canadians participated in the conversation by providing feedback of their needs and expectations. If there's any traction, it may be a few years before the Canadian digital currency comes to fruition.

Central bank digital currencies, in some form, are likely to be adopted by an increasing number of countries. Nations with a high percentage of electronic payments, or a relatively concentrated and small banking system, may find it easier to introduce some form of a CBDC.