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IPFS News Link • Economy - Economics USA

House Stimulus Bill Creates "Digital Dollar" To Send Virus-Aid To The 'Unbanked'

• https://www.zerohedge.com, by Tyler Durden

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.

As CoinTelegraph's Kollen Post detailed earlier, amid contentious debate over the massive stimulus package in response to the coronavirus pandemic, Democrats in the United States House of Representatives look to implement the digital dollar to streamline payments to U.S. citizens outside of the traditional financial system.

A digital dollar for direct payments to families 

draft of the legislation circulating as of March 23 proposes the creation of digital wallets for U.S. citizens to be maintained by the Federal Reserve within a section entitled "Direct Stimulus Payments for Families."

Under the draft bills shared last week, dubbed the "Take Responsibility for Workers and Families Act" and the "Financial Protections and Assistance for America's Consumers, States, Businesses, and Vulnerable Populations Act," the Federal Reserve could use a "digital dollar" and digital wallets to send payments to "qualified individuals," consisting of $1,000 for minors and $2,000 to legal adults (to every adult earning less than $75,000 a year, at which points the payments taper off).


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