The Gold Blog

Digital Currency, like the Internet, transcends borders: its value and conventions for its usage are internationally recognized and accepted.

From the recent Chicago Fed Letters(1), “Electronic payments now dominate noncash payments in the United States.”

“Advances in technology have helped usher in new payment mechanisms catered to current demographic and cross-border demands….Two major forces persistently shape the demands of these constituents: demographics and globalization.”

“Globalization of the payments market, facilitated by the Internet, is creating demand for new payment products that support cross-border trade. Consumers will find a new payment instrument most compelling if it improves speed, flexibility, and convenience, all while enhancing security and feelings of familiarity.”

(1)Chicago Fed Letter, Essays on Issues, The Federal Reserve Bank of Chicago, September 2006, by Carrie Jankowski, senior associate economist, and Tiffany White, associate economist. Chicago Fed Letter is published monthly by the Research Department of the Federal Reserve Bank of Chicago.

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