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An American senator rejects the digital dollar and introduces a bill against it!

An American senator rejects the digital dollar and introduces a bill against it!

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Answer An American senator rejects the digital dollar and introduces a bill against it!

Rejection of the Digital Dollar Law:

announce Republican US Senator James Lankford said Thursday that he introduced a bill entitled:

No digital dollar law, to prohibit the US Treasury and the Federal Reserve from interfering with Americans, who are entitled to use fiat currency if a digital currency is adopted, and to make certain individuals can maintain privacy in their transactions using cash and fiat currencies

The bill would amend the Federal Reserve Act to prohibit the Board of Governors of the Federal Reserve System from holding notes in the event of a central bank digital currency being issued, and for other purposes, according to the text of the law.

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The bill added:

The Secretary of the Treasury may not cease minting and issuing fiat currencies under this section if a central bank digital currency is issued.

No Central Bank Digital Currency is considered legal tender under Section 16 5103 of Title 31.

Senator Lankford explained that residents in his state had expressed concern to him that the Treasury could phase out paper money and move to digital dollars.

He stressed that many Oklahoma residents still prefer the hard currency or at least the hard currency option.

The bill added:

Cyber ​​questions, concerns, and security risks remain with digital money.

There is no reason why we can’t continue to have paper and digital money in our nation and allow the American people to decide how they carry and spend their own money.

Lankford emphasized:

As technology advances, Americans don’t have to worry about every transaction in their financial lives being tracked or their money deleted.

The bill also clarified that there is currently no federal law that prohibits the Treasury Department from owning only digital currency.

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While the Federal Reserve is working on a digital dollar, Federal Reserve Chairman Jerome Powell said this week that a US central bank digital currency (CBDC) will take at least two years, explaining:

We look at it very carefully.

We evaluate both policy issues and technology issues, and we do it very broadly.

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