Representatives of the Democratic Party of the United States of America are developing a bill to issue a digital dollar to overcome the economic consequences of the coronavirus pandemic.
The preliminary document does not contain the concepts of “cryptocurrency” and does not mention the technology of a decentralized registry, and the definition of a digital dollar is as follows:
DIGITAL DOLLAR.—The term ‘‘digital dollar’’ shall mean — a balance expressed as a dollar value consisting of digital ledger entries that are recorded as liabilities in the accounts of any Federal reserve bank; or an electronic unit of value redeemable by an eligible financial institution (as determined by the Board of Governors of the Federal Reserve System)
According to The Block, the final version of the document can get rid of the concept of the digital dollar, since the implementation of this issue would require solving many problems, including creating the infrastructure of digital wallets.
