‘Digital Dollar’ Stripped From Latest US Coronavirus Relief Bill

‘Digital Dollar’ Stripped From Latest US Coronavirus Relief Bill

Mentions of a “digital dollar” in a coronavirus-related relief bill before the U.S. House of Representatives – one of the two chambers of Congress – have been scrubbed.

House Democrats’ latest version of the “Take Responsibility for Workers and Families Act,” revealed late Monday, does not contain any language around a “digital dollar” in its section on direct stimulus payments.

The lawmakers introduced the bill last week, envisioning a digital payment system organized by the Federal Reserve and its member banks to directly send these funds to U.S. residents to assist them with expenses during the COVID-19 mitigation measures, which have already resulted in massive unemployment and a potentially severe recession.

In the latest 1,404-page draft, U.S. residents would receive $1,500 per person, though individuals with an income greater than $75,000 and couples with an income greater than $150,000 would have to repay the funds.

The section detailing the payments, which starts on page 1,090, appears to be less specific on how these payments would be sent to individuals than previous versions have been.

While the draft bill introduced by Speaker of the House Nancy Pelosi (D-Calif.) on Monday no longer includes any language around a digital dollar, a separate bill introduced by Rep. Maxine Waters (D-Calif.), titled the “Financial Protections and Assistance for America’s Consumers, States, Businesses, and Vulnerable Populations Act,” still mentions the digital dollar.

The language is expected to be removed from that bill as well, according to a source familiar with the matter.

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Market 24 Mar 2020