US Democrats Want to Create a Digital Dollar to Withstand the COVID-19 Crisis

Recently, the US Democrats in the house of Representatives proposed two bills both leading to the creation of a digital version of the USD. The Dems say the bill is meant to empower personal income during the raging COVID-19 Crisis.

The bills were named the Take Responsibility for Workers and Families Act and the Financial Protection and Assistance for America's Consumers, States, Businesses and Vulnerable Populations Act. They would allow the Federal Reserve to adopt a digital Dollar system and a digital wallet to deliver payments to citizens. The bills proposed a payment grant of $1000 to every minor and up to $2000 to every adult American.

As the coronavirus pandemic continues to rage havoc on the global economies, millions of businesses across the United States closed down amidst numerous claims of unemployment forcing the country down the road to a severe recession. The country is going to pay a stimulus to those citizens in need to help them make both ends meet in this complicated situation.

As sending physical checks might potentially bear danger of contamination, the government considers using virtual money. Digital Dollar would mean a dollar value in digital form recorded into the Federal reserve ledger as liabilities. The Federal Reserve would be the sole custodian of all created digital wallets and would maintain them for the beneficiaries.