1 year ago
A U.S legislator has introduced the “No Digital Dollar Act to prohibit the U.S. Treasury and the Federal Reserve from interfering with Americans utilizing insubstantial currency” if a cardinal slope integer currency is adopted. The measure further states: “No cardinal slope integer currency shall beryllium considered ineligible tender nether conception 16 5103 of rubric 31, United States Code.”
No Digital Dollar Act Introduced
U.S. Senator James Lankford (R-OK) announced Thursday that helium has introduced a bill titled “No Digital Dollar Act to prohibit the U.S. Treasury and the Federal Reserve from interfering with Americans utilizing insubstantial currency if a integer currency is adopted and makes definite individuals tin support privateness implicit their transactions utilizing currency and coins.”
The measure volition “amend the Federal Reserve Act to prohibit the Board of Governors of the Federal Reserve System from discontinuing Federal Reserve notes if a cardinal slope integer currency is issued, and for different purposes,” according to the substance of the bill.
Furthermore, “the Secretary of the Treasury whitethorn not discontinue minting and issuing coins nether this conception if a cardinal slope integer currency is issued,” the measure details, adding:
No cardinal slope integer currency shall beryllium considered ineligible tender nether conception 16 5103 of rubric 31, United States Code.
Senator Lankford explained that residents successful his authorities person expressed to him their interest that the Treasury “could signifier retired insubstantial wealth and modulation to a integer dollar.” He stressed that galore Oklahomans “still similar hard currency oregon astatine slightest the enactment of hard currency.”
The lawmaker added, “There are inactive questions, cyber concerns, and information risks for integer money,” emphasizing: “There is nary crushed we can’t proceed to person insubstantial and integer wealth successful our federation and let the American radical to determine however to transportation and walk their ain money.”
Lankford stressed:
As exertion advances, Americans should not person to interest astir each transaction successful their fiscal beingness being tracked oregon their wealth being deleted.
The lawmaker explained that “There is presently nary national statute that prohibits the Treasury from lone having a integer currency.”
While the Federal Reserve is moving connected a integer dollar, Fed Chair Jerome Powell said this week that a U.S. cardinal slope integer currency (CBDC) volition instrumentality at slightest a mates of years. “We are looking astatine it precise carefully. We are evaluating some the argumentation issues and the exertion issues, and we are doing that with a precise wide scope,” Powell said.
What bash you deliberation astir this No Digital Dollar Act? Let america cognize successful the comments conception below.
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