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Twenty-five years ago, in the dawn of electronic money, Federal Reserve Board Chairman Alan Greenspan presented a paper at the U.S. Treasury conference on “Electronic Money and Banking: The Role of Government,” where he argued that the future of e-cash will depend on the private sector’s “flexibility to experiment, without broad interference by government.” The COVID-19 pandemic has hastened the transition from paper currency to e-cash. People still want cash, but increasingly in digital form stored on mobile wallets rather than in bill folds.
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