In COVID-19 Stimulus, US Congress Eyes Digital Dollar to send help to the bank

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Amid a controversial debate over the massive stimulus package in response to the coronavirus pandemic, Democrats in the U.S. House of Representatives are trying to implement the digital dollar to streamline payments to U.S. citizens outside of the traditional financial system.

A bill in circulation on March 23 proposes that digital wallets for U.S. citizens be maintained by the Federal Reserve in a section entitled “Direct incentive payments for families.”

The section provides monthly payments of $ 2,000 to any adult who earns less than $ 75,000 per year, after which payments decrease. These payments would last until the economy recovers.

While the proposal provides for the ability to issue checks, it requires the federal reserve member banks to hold digital wallets for the dollar for all customers.

This version of the bill appears to come from the office of the house president, Nancy Pelosi (D-CA). Bloomberg Law sets the bill’s origin date to March 22.

The bill is huge, with all existing versions accounting for over a thousand pages and targeting more than $ 1.8 trillion.

On March 22 and 23, Democrats in the Senate blocked the Republican version of the bill (which did not mention digital dollars). Democrats criticized the bill for favoring large corporations at the expense of ordinary citizens.

At the closing of the case on March 23, speaker Pelosi was expected to file a counter proposal in the form of a bill with $ 2.5 trillion in stimulus funding.

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