Copy link
Increase text size
Decrease text size
Link copied

US Senate Financial Services Committee includes digital dollar in its coronavirus stimulus bill

Wed, 25 Mar 2020, 14:08 pm UTC

The U.S. Democratic Party included the creation of a digital dollar in its draft for a massive coronavirus-induced stimulus bill.

The bill defines the digital dollar as a “balance expressed as a dollar value consisting of digital ledger entries that are recorded as liabilities in the accounts of any Federal Reserve bank or an electronic unit of value, redeemable by an eligible financial institution.”

Additionally, it also defined a digital dollar wallet as a “digital wallet or account, maintained by Federal reserve bank on behalf of any person, that represents holdings in an electronic device or service that is used to store digital dollars that may tied to a digital or physical identity.”

Billy Bambrough of Forbes noted that the proposal to create a digital dollar is a “tacit endorsement” of cryptocurrencies and bitcoins. However, it is still not guaranteed that the digital dollar will make it into the final bill.

“This stops short of the party proposing to create a cryptocurrency for this purpose, and it is unclear whether it will make the final bill,” said eToro market analyst Adam Vettese.

The calls for the United States to create a digital dollar have been growing louder in the past months especially when Federal Reserve chairman Jerome Powell said that he was looking into the possibilities of a central bank digital currency (CBDC).

Daniel Gorfine, founder of fintech advisory firm Gattaca Horizons and former chief innovation officer at CFTC, as well as a founding director of the Digital Dollar Project, told Forbes that CBDC is worth “exploring, testing, and piloting.”

Gorfine added that USD CBDC and broader digital infrastructure can help improve the country’s future capabilities and resiliency.

Meanwhile, Binance.US CEO Catherine Coley urged the government to use stablecoins for emergency funds. According to her, it is safe and fast because it can be distributed digitally.

TokenPost | [email protected]

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
More
  • Bitcoin (BTC) $7,303.59 (+0.93%)
  • Ethereum (ETH) $171.37 (+1.35%)
  • XRP (XRP) $0.224600 (+0.84%)
  • Bitcoin Cash (BCH) $267.42 (+1.35%)
  • Bitcoin SV (BSV) $221.20 (+9.87%)
  • Bitcoin (BTC) $7,303.59 (+0.93%)
Feb 21, 2020 (Friday)
12:01
Paxos launches blockchain-based securities settlement solution with Credit Suisse and Instinet
12:00
Brazil to launch new payment system in response to cryptocurrencies
11:59
Digital currency exchange Coinbase Pro lists Kyber Network token
11:57
Norwegian Air to soon start accepting crypto payments
10:21
Swedish central bank begins CBDC pilot with Accenture
09:51
Italian soccer team Juventus launches ethereum-based digital collectibles with Sorare
Feb 20, 2020 (Thursday)
14:16
Telecom companies complete cross-carrier mobile payments using blockchain
11:53
National Stock Exchange of Australia to develop DLT-based digital securities trading platform
11:00
South Korean ICO project discontinued, to return $7.5M to token holders
10:36
Samsung maintains crypto support in soon-to-launch Galaxy S20
09:41
BIS appoints Innovation Hub heads to lead Singapore and Switzerland
09:15
Coinbase becomes first crypto company to receive Visa principal membership
08:59
Dubai Economy and six banks launch KYC Blockchain Consortium
08:26
Crypto Technicals: ETH/USD under downside pressure after 'Bearish Engulfing' pattern
07:12
Tim Draper buys $1M worth of Aragon Tokens to create digital courts for DAOs
06:13
Renewable energy firm Acciona commits to take CBI’s blockchain-based carbon credits trading platform global
05:02
Crypto Technicals: BTC/USD trades below 21-EMA, break below 4H 200 MA (9386) to trigger further downside
04:56
Crypto exchange Coinfloor to launch a simplified bitcoin buying service
04:35
Indonesia’s customs department joins IBM- Maersk blockchain shipping platform “TradeLens”
Feb 19, 2020 (Wednesday)
12:46
Crypto custodian BitGo acquires digital securities startup Harbor
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft