New Bill To Stimulate The Economy Removes ‘Digital Dollar’ Term, Hours After Draft Issued
The latest US coronavirus-related bill submitted to the House of Representatives included mentions of the digital dollar, but it seems these mentions have been stripped.
The latest version of the House Democrats’ Take Responsibility for Workers and Families Act was revealed on March 23, but it no longer contains anything about the digital dollar in the section that addresses direct stimulus payments.
The Bill Was Introduced Last Week
The bill was introduced by lawmakers last week. It envisions a Federal Reserve’s digital payment system and the process in which its member banks are directly sending funds to US citizens in order to assist the COVID-19 mitigation measures’ expenses. As of now, the new coronavirus has caused massive unemployment and may bring a serious financial recession.
$1,500 Per Person
The latest draft of the bill has 1,404 pages and says that US residents are eligible to receive the sum of $1,500 per person. However, people who make more than $75,000 a year and couples who have a joint income of over $150,000 need to pay back the money they will get. In the section that details payments from page 1,090 doesn’t specify how the payments will be made.
The Digital Dollar Still Mentioned in a Separate Bill
The draft bill that Nancy Pelosi, the Speaker of the House, has introduced no longer contains anything about the digital dollar, but Republican Maxine Waters introduced a separate bill called the Financial Protections and Assistance for America’s Consumers, States, Businesses and Vulnerable Populations.
This last-mentioned bill still includes the digital dollar in its mentions, yet it’s expected to have it removed too, says a source that’s very familiar with the entire situation. The digital dollar is not yet in the cards, it seems, even if other countries like China are on the way to launching their own digital national currency.