Dems Coronavirus Stimulus Bill Includes Creation of a New U.S. Digital Currency

As rumors about the coronovirus continue to spread and the media continues to pump out fear and instruction, Congress is working to pass a stimulus bill that will help the economy during these times of lock-downs.

Senate Democrats blocked the original stimulus bill presented by Republicans and not before to long, the Democrats introduced a bill of their own. The bill includes the creation of a ‘digital dollar’ and would establish ‘digital dollar wallets.’

From Forbes:

The bill establishes a digital dollar, which it defines 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 (as determined by the Board of Governors of the Federal Reserve System).’ Additionally, a digital dollar wallet is identified as ‘a digital wallet or account, maintained by a 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 be tied to a digital or physical identity.’

A mandate also requires all ‘member banks’ establish a ‘pass-through digital dollar wallet’ to all customers eligible for the stimulus. Member banks include those banks that are ‘members’ of the Federal Reserve and regulated by the Fed. Additionally, ‘Non-Member’ state banks – those that not members of the Federal Reserve and regulated by the FDIC – could opt-in to offer pass-through digital dollar wallets as well.

The Federal Reserve banks themselves would also make available a digital dollar wallet to any U.S. person eligible for the payments as well. Additionally, the U.S. Postal Service would aim to help unbanked individuals and/or those without proper ID to establish their identity be provided a digital dollar account, and would set up ATMs for customers to access their funds.

First we had gold. Then had paper backed by gold. Then we got digital numbers backed by paper. Now, we may get digital “currency’ backed by nothing at all…

What are your thoughts on this? Comment below.