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One free scan finds every outdated or missing driver and matches the right update for your exact hardware.Free scan · exact hardware matchThere is no single universal U.S. definition of “digital currency.” The phrase can describe value represented digitally, but its meaning depends on context: a Federal Reserve digital dollar would be central-bank money, cryptocurrency is a kind of virtual currency for IRS purposes, and ordinary online bank balances are commercial-bank liabilities. FedNow, despite enabling instant digital payments, is a payment service—not a currency.
What does “digital currency” mean in the United States?
“Digital currency” is a broad phrase, not one definition that applies across every U.S. law or agency. Federal Reserve materials use the more specific term central bank digital currency (CBDC) for a digital liability of a central bank that is widely available to the public. IRS materials, by contrast, define terms such as virtual currency and digital asset for federal tax purposes.
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To tell these concepts apart, ask who issues the value and owes it, what the value is used for, what technology records it, and which legal context is being discussed. A digital representation of value is not necessarily a currency, and a digital payment is not necessarily a new kind of money.
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How the main U.S. digital-money terms differ
| Term | Issuer or liability | Meaning and context |
|---|---|---|
| CBDC or possible digital dollar | The central bank; a U.S. CBDC would be a Federal Reserve liability. | In its January 2022 discussion paper, the Federal Reserve defined a CBDC as a digital liability of the Federal Reserve widely available to the general public. This is the paper’s working definition, not a universal statutory definition. Federal Reserve discussion paper |
| Commercial-bank deposit balance | A commercial bank. | Money shown in a bank account is digital in form, but the balance is a liability of the bank, not the Federal Reserve. It is not a CBDC merely because it is held or transferred electronically. |
| Virtual currency | Varies; it is not necessarily issued by a government or central bank. | For federal income-tax purposes, the IRS describes it as digital value other than U.S. or foreign currency that functions as a unit of account, a store of value, or a medium of exchange. The IRS treats virtual currency as property for federal income-tax purposes. IRS virtual currency FAQs |
| Cryptocurrency | Typically associated with a private digital system, rather than a central-bank liability. | The IRS describes cryptocurrency as a type of virtual currency that uses cryptography to secure transactions recorded digitally on a distributed ledger, such as a blockchain. IRS virtual currency FAQs |
| Digital asset | Varies; the term describes an asset, not a single issuer or monetary status. | For federal tax purposes, the IRS definition covers digital representations of value recorded on a cryptographically secured distributed ledger or similar technology. Examples include NFTs, cryptocurrencies, and stablecoins; not every digital asset is a currency. IRS Publication 544 (2025 edition) |
| FedNow | A Federal Reserve payment service for participating banks and credit unions; it is not a currency issuer. | It supports instant payments between financial institutions. The Federal Reserve says it does not provide individual consumers or businesses with Fed accounts or direct instant payment services, and that FedNow is neither a form of currency nor a step toward eliminating payment methods. Federal Reserve FedNow FAQs |
What is a digital dollar?
A “digital dollar” often means a proposed U.S. CBDC: a digital form of central-bank money that would be a direct liability of the Federal Reserve and widely available to the public. That distinguishes it from a dollar balance in a commercial bank account, which is the bank’s liability, and from privately issued tokens.
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The phrase can also be used informally for dollars held or sent electronically. In that everyday sense, a bank-account balance may be called digital money, but it is not a CBDC. The issuer-and-liability distinction is the key: an electronic format alone does not make money central-bank money.
Is FedNow a digital currency?
No. FedNow is a payment rail, not a currency or CBDC. It enables participating banks and credit unions to send instant payments; it does not create a new dollar for consumers to hold. The Federal Reserve says FedNow does not give individuals or businesses Fed accounts or direct access to its instant payment service. Its FAQ states: “The FedNow Service is neither a form of currency nor a step toward eliminating any form of payment, including cash.” Federal Reserve FedNow FAQs
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What is the difference between cryptocurrency and a CBDC?
The defining difference is the issuer and the liability, not simply the use of digital technology. A CBDC would be a liability of the central bank. Cryptocurrency, as the IRS describes it in its tax guidance, is a type of virtual currency secured using cryptography and recorded on a distributed ledger; it is not thereby a Federal Reserve liability.
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The terms also serve different purposes. “CBDC” is used in Federal Reserve policy discussion, while “virtual currency” and “digital asset” have specific IRS tax meanings. For tax purposes, the IRS treats virtual currency as property, and its broader digital-asset category includes items that are not currencies, such as NFTs.
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- Smart backup: Use your second Tangem Wallet as your Backup keys with end‑to‑end encryption; no more papers, pictures. If one card is lost, the remaining can still restore full access, with an optional seed phrase available for advanced users.
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Has the United States issued a CBDC?
The Federal Reserve’s FAQ says it has made no decision to issue a CBDC and would proceed only with authorizing law. That is the position stated in the cited FAQ; it should be read as a dated policy statement, not as a complete verification of every legal or executive development after the source was published. Federal Reserve FAQs
A Congressional Research Service summary updated December 3, 2025, discusses the policy debate and reports that the administration issued Executive Order 14178 in 2025. Separately, the 2025 text of H.R. 4438, the Power of the Mint Act, proposes a definition of CBDC as digital money or monetary value denominated in the national unit of account and a direct Federal Reserve liability. That is proposed bill language, not a definition established by enactment of that bill. Congressional Research Service summary; H.R. 4438 bill text
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A quick way to identify what someone means
- They mean money issued by the Federal Reserve: the relevant term is CBDC, or a possible digital dollar.
- They mean an online bank balance: it is a commercial-bank deposit, not a Federal Reserve liability.
- They mean a crypto token or similar value: IRS terms such as virtual currency, cryptocurrency, or digital asset may apply depending on the facts and tax context.
- They mean an instant transfer: that describes a payment service such as FedNow, not a new currency.
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