ABSTRACT
Today, the authors take digital music and digital video for granted. Central Bank Digital Currencies (CBDCs) are legal tender and backed by the full faith and credit of the issuing government, just like paper money in that country. The United States, on the other hand, has decided to wait for conditions to ripen as indicated by a report from the Federal Reserve System. Digital currency is the most recent step forward in a long history of transformations for money dating back to as early as 1100 B.C. when sea shells and miniature bronze replicas of weapons were used in ancient China as tokens for the exchange of goods. Many of the preceding conditions can be met by using certain digital encryption techniques also used by cryptocurrencies such as Bitcoin or Ethereum. The cellphone owner's account information is by law private and cannot be disclosed by the cell service provider to others.
