American Digital Dollar Inches One Step Closer to Reality

American digital dollar inches one step closer to reality

An American digital dollar is poised to be the next big financial milestone. It’s every crypto investor’s dream, and the US government seems to be walking the right path. Chinese DCEP has reached the testing phase, and other central banks are also exploring similar projects. Now, the United States is also planning to enter the virtual money fray. The latest hearing on the virtual dollar was held by the Senate Banking Committee on June 30. The concept of an American digital dollar gained traction in 2019 after Facebook Libra gained headlines. It entered the mainstream psyche due to its numerous encounters with the regulatory authorities and the countless congressional hearings. Authorities the world over aren’t buying the arguments put forth by Libra’s David Marcus, who says that it is purely a decentralized currency and not related to Facebook. Both Libra and China’s DCEP have sparked interest in virtual money. However, there are many small-time developments that are contributing to realizing a true-blue American digital dollar.

Laying the bricks for an American digital dollar

The $1,200 COVID-19 stimulus checks distributed under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) by the government were also reportedly used to purchase virtual money. It helped create a momentum for the cryptocurrencies amongst the general populace. Furthermore, 11 congressmen suggested that the US treasury use blockchain for stimulus payments distribution. Read More...