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US Senator Introduces ‘No Digital Dollar Act’ To Ban Treasury And Fed From Interfering With Americans Using Paper Currency – Regulation Bitcoin News
A US senator has introduced the “No Digital Dollar Act to prohibit the US Treasury Department and the Federal Reserve from interfering with Americans who use paper currency” if a digital central bank currency is adopted. The bill further states: “No central bank digital currency shall be considered legal tender pursuant to section 16 5103 of title 31, United States Code.”
No Digital Dollar Act introduced
U.S. Senator James Lankford (R-OK) announced Thursday that he has introduced a bill titled the “No Digital Dollar Act to prohibit the U.S. Treasury Department and the Federal Reserve from interfering with Americans who use paper currency if a digital currency is adopted and enables certain individuals to maintain privacy over their transactions with cash and coins.”
The bill would “amend the Federal Reserve Act to prohibit the Board of Governors of the Federal Reserve System from discontinuing Federal Reserve notes if a central bank’s digital currency is issued, and for other purposes,” according to the text of the bill.
Further, “the Secretary of Revenue may not suspend the minting and issue of coins under this section if a central bank digital currency has been issued,” the bill details, adding:
No central bank digital currency shall be considered legal tender pursuant to Section 16 5103 of Title 31, United States Code.
Senator Lankford explained that residents of his state have expressed to him their concern that the Treasury “could phase out paper money and move to a digital dollar.” He emphasized that many Oklahomans “still prefer hard currency or at least the option of hard currency.”
The lawmaker added: “There are still questions, cyber issues and security risks about digital money,” stressing: “There is no reason why we cannot continue to have paper and digital money in our nation and let the American people decide how to carry and spend their own money.”
Lankford emphasized:
As technology advances, Americans should not have to worry about every transaction in their financial lives being tracked or their money being wiped.
The lawmaker explained that “There is currently no federal law that prohibits the Treasury from holding only one digital currency.”
While the Federal Reserve is working on a digital dollar, Fed Chair Jerome Powell said this week that a US central bank digital currency (CBDC) will take at least a couple of years. – We look at it very carefully. We evaluate both policy issues and technology issues, and we do so with a very broad scope, Powell said.
What do you think of this No Digital Dollar Act? Let us know in the comments section below.
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