The economy is quicklybecoming a place where transactions between buyer and seller is done electronically.

Forso long the Fed wasable to control the money supply by controlling the number of dollars circulating in the economy. However, the rise of cryptocurrency has made that impossible. Such currencies are not issued or managed by a central bank. Such cryptocurrencies such as Bitcoin, Litecoin and Ripple are only to name a few. Not to mention, large corporations such as Facebook is preparing to introduce their own cryptocurrency called Libra. Not only that but individual corporations are issuing their own electronic dollars. The Fed has no idea how many of these "e-dollars" are circulating out there in cyberspace.

Is this a case for alarm as our economy becomes increasingly wireless and less dependent on dollar bills? Also, what can the Fed do track these "e-dollars" and initiate the appropriate policy to manage an economy where an increasing number of transactions are handled electronically?

Please consider these articles when responding to this discussion board question, "The Fed wants no part of a national cryptocurrency"and "Ron Paul: No, cryptocurrency is not something the Fed should be getting its 'hands around".