Lawmakers have introduced a bill that would allow the US Treasury to create a digital dollar
- US lawmakers proposed a bill for a digital dollar that would be issued by the US
Treasury, instead of the Federal Reserve.
- The digital dollars in this case would operate separately from any blockchain technologies, unlike cryptocurrencies.
Four US lawmakers proposed a new bill Monday that would authorize the Treasury Department — rather than the Federal Reserve — to create and issue an electronic dollar.
The "Electronic Currency and Secure Hardware Act," or ECASH Act, proposed by Democratic representatives Stephen Lynch (Massachusetts), Jesús Chuy Garcia (Illinois), Ayanna Pressley (Massachusetts) and Rashida Tlaib (Michigan), would allow for a digital dollar that preserves privacy and anonymous transaction.
According to the bill, the digital dollar would be token-based, and held on your card or phone. But because it wouldn't be account-based, losing the card or phone that stores the tokens would mean you also lose your funds.
The electronic dollar, in this case, would be functionally identical to a physical dollar and support peer-to-peer, anonymous transactions, per Coindesk.
Under the ECASH Act, digital dollars would operate separately from any blockchain technologies, unlike cryptocurrencies. But they would serve people who can't hold traditional bank accounts due to minimum balance requirements.
Additionally, over 10 million corporate accounts have been created for the eCYN, per Bloomberg.
While the US is not close to China in the central bank digital currency race month, the
- Third-party apps connected to your car may be stealing your data
- Bharti Airtel’s cash flows will grow for 2 years after 5G spectrum purchases too: Moody’s
- Top 5 Indian apps to boost productivity
- These brokers allow you to invest in US stocks from India
- Your Android smartphone may soon be able to detect snoring and coughing while you sleep