The coronavirus pandemic has affected many areas of daily life, leading to lawmakers proposing various solutions to help. One proposed solution recently has been the idea of “digital dollars,” which could address the need to give stimulus paychecks to citizens. The idea of digital dollars did not end up in the final bill, but it is an indication that in the future more banks might move to digital ledgers to have a more centralized digital currency.
- Senator Sherrod Brown introduced a new bill in March that would allow for a digital currency to emerge in the U.S.
- Every member of the U.S. would be able to set up a FedAccount which would be an electronic wallet for receiving or sending payments.
- These FedAccounts would work in existence with the current U.S. Dollar. They would be backed up by the federal reserve.
“As the name suggests, FedAccounts provide a direct connection between the Federal Reserve and individuals.”