On March 22, we witnessed when spokeswoman of the House Nancy Pelosi proposed a law of the economic stimulus, in which she introduced a “digital dollar”.
The day after that, another proposal appeared that contained a concept that requires all member banks of the Federal Reserve to create their own digital wallets for the digital US dollar.
One of the fighters for the digital US dollar was also Senator Sherrod Brown (D-OH). He fought very hard to be included in the third package of economic incentives.
- According to the Senator’s plan, every citizen should be able to get a digital wallet in dollars called FedAccount.
- The account would be free of charge and used to receive money and perform all operations.
- All FedAc accounts would be available at local banks and post offices.
- Fees would be low or non-existent and no minimum balance would be requirements.
So we waited for the outcome of seeing the final stimulus package that Congress adopted last week.
Finally, the digital dollar unfortunately did not get into this package, but the US confirmed that it is interested and working to integrate systems.
It is said that the US has already joined in the advanced projects.
One of these is the Hyperledger consortium project, eThaler wants to create the central bank’s digital currency on the Ethereum blockchain.
“That’s a significant step, and I argue that such crisis situations always produce new ideas, and acceptance of new ideas, that will live on long after the coronavirus has burned through the world,” said Vipin Bharathan, chair of the Hyperledger identity working group
See official documents concerning the digital dollar and economic incentives:
To provide financial protections and assistance for America’s consumers, States, businesses, and vulnerable populations during the COVID-19 emergency and to recover from the emergency
Making emergency supplemental appropriations for the fiscal year ending September 30, 2020, and for other purposes
The text of Senator Brown’s bill
See also our article from yesterday:
Vice-President of International Monetary Fund talks about the Benefits and Risks of digital currency
Article created with the help of Forbes