U.S. Legislature Group: The U.S. Treasury Department may be the right government agency to create the digital dollar – not the Federal Reserve. The new bill, which was introduced this Monday (28), will recognize it.
Congressmen Stephen Lynch, Jesus Chu Garcia, Ayana Presley and Rashida Tlip introduced the “Electronic Currency and Secure Hardware Act” (or “eCash Act”). US dollar. , With the aim of “protecting privacy and anonymity in transactions”.
The e-dollar, as defined in the bill, would be a bearing tool (protection that gives property rights) that people can keep on their phone or card. Such an electronic dollar would be considered a legal tender and would be functionally equivalent to a physical dollar.
The system will be based Token, Not in the account, which means that if someone loses their phone or card, they have to say goodbye to their finances. In other words, it’s like losing a wallet with money – or a digital cryptocurrency wallet.
Rohan Gray, an assistant professor at Willamette University in the United States who was a consultant on the project, told CoinDesk that the aim was to create a real digital analogue to the US dollar.
“We propose to have a bearing device such as real money, which is a token-based system that does not have a centralized or distributed ledger because there is no book in it. It uses secure software and hardware and is provided by the Treasury,” he said.
This “eCash” format supports transactions Peerless (Peer-to-peer) and will support full anonymous transactions with the nature of its system.
In this, it differs from other schemes for digital dollars based on staple coins or other decentralized accounting tools. Blockchains are designed to track all transactions, so any transaction can be linked to both sender and recipient.
Under Lynch’s proposal, users would not be subject to more stringent customer ID verification rules than any normal cash user. They need to get digital dollars through a bank account, peer-to-peer transaction or a store, but they can do whatever they want.
Gray said the system could serve as a way for those who cannot maintain bank accounts or do not trust banks to charge or freeze funds due to minimum balance requirements.
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