A US senator introduced the “No Digital Dollar Act to prevent the US Treasury and Federal Reserve from interfering with Americans’ use of fiat currency” if a central bank digital currency was adopted. The bill further states: “No central bank digital currency will be deemed to be legal tender under Section 16 5103 of Title 31, United States Code.”
The digital dollar law was not introduced
US Senator James Lankford (R-Oklahoma) announced Thursday that he has introduced a system law Project Titled “There is no digital dollar law to prohibit the US Treasury and the Federal Reserve from interfering with Americans’ use of fiat currency if a digital currency is adopted and to make certain individuals can maintain privacy in their transactions using cash and currencies.”
The bill would “amend the Federal Reserve Act to prohibit the Board of Governors of the Federal Reserve System from stopping the operation of Federal Reserve Notes in the event of a central bank digital currency being issued, and for other purposes,” according to the text of the law.
Furthermore, “The Secretary of the Treasury may not cease minting and issuing coins under this section if a central bank digital currency is issued,” the bill details, adding:
No central bank digital currency is considered legal tender under Section 16 5103 of Title 31, US Code.
Senator Lankford explained that his state’s residents had expressed concern to him that the Treasury “could phase out paper money and move to digital dollars.” He stressed that many Oklahoma residents “still prefer the hard currency or at least the hard currency option.”
The legislator added: “There are still cyber questions, concerns, and security risks over digital money,” stressing, “There is no reason why we should not continue to have paper and digital money in our nation and allow the American people to decide how to carry and spend their own money.”
Lankford emphasized:
As technology advances, Americans don’t have to worry about every transaction in their financial lives being tracked or their money deleted.
The legislator clarified that “there is currently no federal law that prohibits the Treasury Department from owning only digital currency.”
While the Federal Reserve is working on a digital dollar, Federal Reserve Chairman Jerome Powell said this week that the US Central Bank’s digital currency (CBDC) will take action. At least a few years. “We’re looking at it very carefully. We’re evaluating both policy issues and technology issues, and we’re doing it very broadly,” Powell said.
What do you think of this digital no-dollar law? Let us know in the comments section below.
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