US Senators Introduce ‘No Digital Dollar Act’ Banning Treasury and Fed from Interfering with Americans Using Paper Currency – Regulation Bitcoin News
If a central bank digital currency is adopted, U.S. senators will enact a “digital dollar ban that prohibits the U.S. Treasury Department and Federal Reserve from interfering with Americans using paper currency.” introduced. The bill further states:
No digital dollar law introduced
Senator James Lankford (R-OK) said on Thursday, “If digital currency is adopted and paper money is made available to certain individuals, the U.S. Treasury and Federal Reserve will use paper currency. announced that it had introduced a bill titled “Digital Dollar Prohibition Act,” which prohibits interfering with Americans through Maintain the privacy of your transactions using cash and coins. “
According to the text of the bill, the bill would “allow the federal It is the one that modifies the preparation method.
Furthermore, “the Secretary of the Treasury cannot stop the minting and issuance of coins under this section if a central bank digital currency is issued,” the bill details add:
Central bank digital currencies shall not be considered legal tender under Title 16 5103 of Title 31 of the United States Code.
Senator Lankford explained that residents in his state have expressed concern that the Treasury Department “may phase out paper money and move to a digital dollar.” He emphasized that many Oklahomans “still prefer hard currency or at least hard currency options.”
“Digital money still has questions, cyber concerns and security risks,” the lawmaker added, emphasizing: To carry and spend your own money. “
Lankford emphasized:
As technology advances, Americans no longer have to worry about every transaction in their financial life being tracked or having their money deleted.
“There is currently no federal law prohibiting the Treasury Department from having only digital currencies,” the lawmaker explained.
While the Federal Reserve is working on a digital dollar, Federal Reserve Chairman Jerome Powell said this week that a U.S. Central Bank Digital Currency (CBDC) would take at least several years to materialize. “We’re looking very closely. We’re evaluating both policy issues and technical issues, and we’re doing that on a very broad scale,” Powell said.
What do you think about this No Digital Dollar Act? Let us know in the comments section below.
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US Senators Introduce ‘No Digital Dollar Act’ Banning Treasury and Fed from Interfering with Americans Using Paper Currency – Regulation Bitcoin News
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