I understand that the Federal Reserve is issuing money in the form of deposits. Those deposits "are not cash but they are money: they can be used for payment (at which point they become somebody else's deposit) and they can be converted into cash on demand"

And then, my question is: when the history of the USA the authorities (government or FED or something else) issued such deposits instead of cash, for the first time? I have the same question for Europe.


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