A growing list of U.S. lawmakers are calling for the Treasury Department to create the digital dollar
The Electronic Currency and Secure Hardware (ECASH) Act was introduced by Republicans. The bill would give the Treasury Secretary powers to issue an electronic version of the U.S. dollar.
It would also involve rigorous public testing of an electronic-type of currency, and could signal the government’s interest in launching cryptocurrency alternatives.
Blockchains are designed to track every transaction, which means transactions are tied between the sender and receiver. The digital currency could also increase privacy and anonymity in certain transactions.
People could even hold their electronic dollars on their phone or a card. The process is expected to be token-based.
The U.S. Reserve issued a paper earlier this year, which outlines the pros and cons of a digital currency in the U.S.
Other nations like New Zealand and Australia are also eyeing off blockchain regulation and futures.
