A US senator has enacted the “No Digital Dollar Act” to prohibit the US Treasury and the Federal Reserve from interfering with Americans who use paper money” if a central bank digital currency is passed. The bill further states: “No central bank digital currency shall be considered legal tender under Section 16 5103 of Title 31, United States Code.”
No Digital Dollar Act introduced
US Senator James Lankford (R-OK) announced Thursday that he has introduced a bill titled “No Digital Dollar Act to prohibit the US Treasury and Federal Reserve from interfering with Americans who use paper money as a digital currency.” adopted and ensures that certain individuals can maintain privacy over their transactions with cash and coins.”
The bill will “amend the Federal Reserve Act to prohibit the board of directors of the Federal Reserve System from discontinuing Federal Reserve notes when a central bank digital currency is issued, and for other purposes,” according to the text of the bill. the bill.
In addition, “The Treasury Secretary must not stop minting and issuing coins under this section if a central bank digital currency is issued,” the bill’s details read, adding:
No central bank digital currency is considered legal tender under Section 16 5103 of Title 31, United States Code.
Senator Lankford explained that residents of his state have expressed concern to him that the Treasury could “phase out paper money and move to a digital dollar.” He stressed that many Oklahomans “still prefer hard currency or at least the option of hard currency.”
The lawmaker added: “There are still questions, cyber problems and security risks to digital money”, stressing: “There is no reason why we can no longer have paper and digital money in our country and let the American people decide how to carry and spend their own money.”
As technology advances, Americans don’t have to worry about every transaction in their financial life being tracked or having their money removed.
The legislator explained that “There is currently no federal statute prohibiting the Treasury from having only a digital currency.”
While the Federal Reserve is working on a digital dollar, Fed Chair Jerome Powell said this week that a US central bank (CBDC) digital currency will last at least a few years. “We are looking very closely at it. We evaluate both the policy issues and the technology issues, and we do that with a very broad scope,” Powell said.
What do you think of this No Digital Dollar Act? Let us know in the comments below.
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