iv. The U.S. already has several ways to make digital transactions, for example, credit/debit cards, Venmo, Zelle, PayPal, and so on. How would a digital currency increase efficiency?

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A: Money laundering: The conversion of illegally earned into legitimate money.

Required Reserve and Excess Reserve Analysis

A required reserve is an amount of cash that banks must keep with themselves, which is certain percentage of the deposits made by their customers. Required reserve is a percentage of the bank's deposits that the respective bank must have on each overnight. The percentage rate is set and determined by the nation’s central bank. It is important to have such funds accumulated to meet its uncertain obligations, sudden liabilities and withdrawals. Required reserve is also known as reserve ratio. Reserve ratio is an important tool to control the money supply.