Updated on 3/24/20 at 11:45 AM: The final version of the economic stimulus package offered by Speaker Pelosi for the House Democrats no longer includes the U.S. Digital Dollar proposal; however, the language as proposed by Chairwoman Waters of the House Financial Services Committee still contains this language. Links to the original and updated stimulus bills with the latest language are at the end of the story.
As the markets continue to drop and the U.S. looks to Congress for agreement on a massive stimulus package to save the economy from impacts of the coronavirus pandemic, the newest offer by House Democrats includes a very forward-looking kind of stimulus: the creation of a ‘digital dollar’ and the establishment of ‘digital dollar wallets.’ In what will send shock waves through the cryptocurrency and blockchain industry, particularly for those following central bank digital currencies around the world, this signals the U.S. is serious in establishing infrastructure for a central bank digital currency.
Both Speaker Pelosi’s ‘Take Responsibility for Workers and Families Act’ and the ‘Financial Protections and Assistance for America’s Consumers, States, Businesses, and Vulnerable Populations Act (H.R. 6321),’ introduced by Chairwoman Maxine Waters of Financial Services Committee, introduced these concepts today as a way of delivering the economic stimulus payments to U.S. citizens.U.S. House Speaker Nancy Pelosi, a Democrat from California, speaks outside of her office on Capitol ... [+] Hill in Washington, D.C., U.S., on Monday, March 23, 2020. Pelosi said House Democrats will introduce their version of the stimulus package to respond to the coronavirus, offering an alternative to the bill currently under discussion in the Senate. Photographer: Andrew Harnik/AP Photo/Bloomberg © 2020 Bloomberg Finance LP
The bill establishes a digital dollar, which it defines as ‘a balance expressed as a dollar ...