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2020-03-26 16:36

A draft bill posted Tuesday to the U.S. Senate Committee on Banking, Housing and Urban Affairs defines a "digital dollar" and details how it might be maintained. The bill echoes language from a pair of draft U.S. House bills aimed at stimulating the economy during the coronavirus outbreak.

The bill, introduced by Ranking Member Sen. Sherrod Brown (D-Ohio), is not proposing a crypto dollar but a digitized version of the existing dollar, a process advocates including former Commodity Futures Trading Commission (CFTC) Chairman Chris Giancarlo have called for to maintain U.S. financial hegemony.

According to the draft, the digital dollar will be “dollar balances consisting of digital ledger entries recorded as liabilities in the accounts of any Federal Reserve bank.”

The bill even notes that such wallets should be branded as “FedAccounts.”