Digital U.S. currency should complement cash, not replace it, experts tell lawmakers

Speaking to a congressional committee weighing whether the U.S. should launch a digital version of its currency, a panel of experts on Tuesday supported the general idea, though they warned that such a system should not completely replace physical cash.The witnesses, appearing before the House Financial Services Committee, also warned that such a launch should guard against any possible privacy violations and should protect security through strict government supervision of the process.Carmelle Cadet, founder and CEO of cloud software company EMTECH, told lawmakers that the rollout of a central bank digital currency, or CBDC, would offer many benefits.This includes faster distribution of money to citizens, such as with the COVID stimulus checks. The move would also support the dollar's place as the key currency for cross-border payments and remittances, Cadet argued."The physical paper provided by the central bank today can be gradually complemented with a more easily distributed digital version,"