Image default
Altcoin

House Democrats Propose New Anonymity-Based ‘E-Cash’ Currency: Report

A handful of Congressional Democrats are placing forth laws to create a brand new digital forex that may have equal standing with the US greenback.

In a brand new press launch, Rep. Stephen Lynch of Massachusetts introduced the Electronic Currency and Secure Hardware (ECASH) Act for debate.

Lynch cites the necessity for America to remain aggressive with the practically 100 different nations worldwide contemplating launching their very own central financial institution digital forex (CBDC).

“By establishing a pilot program inside Treasury for the event of an digital US greenback, the ECASH Act will drastically complement and advance ongoing efforts undertaken by the Federal Reserve and President Biden to look at potential design and deployment choices for a digital greenback.

Importantly, this pilot program may even protect a job in our monetary system for smaller nameless cash-like transactions that are at the moment transacted in bodily {dollars} and which have seen a fast decline in use.”

Rep. Lynch was joined by Congressional co-sponsors Jesús G. García (D-IL-04), Rashida Tlaib (D-MI), Ayanna Pressley (D-MA) and Alma Adams (D-NC). All 4 serve on the Committee on Financial Services.

According to a report by The Register, Willamette University assistant professor of legislation Rohan Grey says that because the Federal Reserve wouldn’t concern ECASH, it technically wouldn’t qualify as a CBDC.

Because ECASH additionally wouldn’t be a part of a blockchain or distributed ledger, Grey says,

“It would be purely peer-to-peer, capable of offline transactions, and able to be held and used completely anonymously, like physical cash is today.”

Rep. Lynch posted an official fact sheet laying out the two-phase pilot program’s aims, together with the three principal standards the digital greenback should meet: authorized tender, monetary inclusion, and privateness.

The full textual content of the H.R. 7231 invoice will be learn here.

Check Price Action

Don’t Miss a Beat – Subscribe to get crypto e mail alerts delivered on to your inbox

Follow us on Twitter, Facebook and Telegram

Surf The Daily Hodl Mix

&nbsp
Check Latest News Headlines

 

Disclaimer: Opinions expressed at The Daily Hodl usually are not funding recommendation. Investors ought to do their due diligence earlier than making any high-risk investments in Bitcoin, cryptocurrency or digital belongings. Please be suggested that your transfers and trades are at your individual danger, and any loses chances are you’ll incur are your accountability. The Daily Hodl doesn’t suggest the shopping for or promoting of any cryptocurrencies or digital belongings, neither is The Daily Hodl an funding advisor. Please be aware that The Daily Hodl participates in internet affiliate marketing.

Featured Image: Shutterstock/Vadim Sadovski/Fotomay

Related posts

Ethereum (ETH) Creator Vitalik Buterin Says Algorithmic Stablecoins Shouldn’t Be Dismissed

Crypto Advisor

Top Crypto Analyst Issues Bitcoin (BTC) Warning, Predicts This Ethereum (ETH) Rival Could Crash by Over 50%

Crypto Advisor

Ethereum Alternative and Two Low-Cap Altcoins Surge More Than 60% in Just One Week

Crypto Advisor

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More

bitcoin
Bitcoin (BTC) $ 20,024.37 1.09%
ethereum
Ethereum (ETH) $ 1,357.89 0.24%
tether
Tether (USDT) $ 1.00 0.20%
usd-coin
USD Coin (USDC) $ 0.999928 0.07%
bnb
BNB (BNB) $ 292.75 0.37%
binance-usd
Binance USD (BUSD) $ 0.998358 0.07%
cardano
Cardano (ADA) $ 0.429062 0.69%
xrp
XRP (XRP) $ 0.495945 0.31%
polkadot
Polkadot (DOT) $ 6.37 0.14%
solana
Solana (SOL) $ 33.68 1.13%
shiba-inu
Shiba Inu (SHIB) $ 0.000011 1.23%
dogecoin
Dogecoin (DOGE) $ 0.063824 1.79%
staked-ether
Lido Staked Ether (STETH) $ 1,351.97 0.11%
matic-network
Polygon (MATIC) $ 0.840853 1.05%
tron
TRON (TRX) $ 0.062519 0.10%
dai
Dai (DAI) $ 0.99969 0.07%
avalanche-2
Avalanche (AVAX) $ 17.16 0.76%
ethereum-classic
Ethereum Classic (ETC) $ 27.98 1.26%
leo-token
LEO Token (LEO) $ 4.20 0.40%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 20,027.37 1.08%
uniswap
Uniswap (UNI) $ 6.88 2.14%
litecoin
Litecoin (LTC) $ 54.05 1.29%
cosmos
Cosmos Hub (ATOM) $ 13.13 1.76%
okb
OKB (OKB) $ 15.64 0.42%
ftx-token
FTX (FTT) $ 24.69 0.70%
terra-luna
Terra Luna Classic (LUNC) $ 0.000291 2.85%
near
NEAR Protocol (NEAR) $ 3.64 1.55%
chainlink
Chainlink (LINK) $ 7.72 2.12%
crypto-com-chain
Cronos (CRO) $ 0.109859 0.75%
monero
Monero (XMR) $ 145.26 0.80%
stellar
Stellar (XLM) $ 0.120398 0.53%
bitcoin-cash
Bitcoin Cash (BCH) $ 120.35 2.09%
algorand
Algorand (ALGO) $ 0.351208 0.48%
flow
Flow (FLOW) $ 1.70 0.63%
vechain
VeChain (VET) $ 0.023554 1.16%
eos
EOS (EOS) $ 1.17 0.31%
internet-computer
Internet Computer (ICP) $ 6.04 0.36%
filecoin
Filecoin (FIL) $ 5.53 0.85%
chain-2
Chain (XCN) $ 0.070419 1.37%
frax
Frax (FRAX) $ 0.999109 0.48%
hedera-hashgraph
Hedera (HBAR) $ 0.058148 0.19%
decentraland
Decentraland (MANA) $ 0.700659 0.66%
apecoin
ApeCoin (APE) $ 5.18 0.45%
the-sandbox
The Sandbox (SAND) $ 0.848488 1.93%
tezos
Tezos (XTZ) $ 1.43 0.35%
quant-network
Quant (QNT) $ 138.33 0.51%
axie-infinity
Axie Infinity (AXS) $ 12.72 0.48%
aave
Aave (AAVE) $ 78.18 0.07%
lido-dao
Lido DAO (LDO) $ 1.51 0.96%
elrond-erd-2
Elrond (EGLD) $ 54.84 0.19%
theta-token
Theta Network (THETA) $ 1.09 1.20%
true-usd
TrueUSD (TUSD) $ 1.00 0.14%
chiliz
Chiliz (CHZ) $ 0.215625 0.30%
bitcoin-sv
Bitcoin SV (BSV) $ 49.19 0.35%
compound-usd-coin
cUSDC (CUSDC) $ 0.022664 0.10%
paxos-standard
Pax Dollar (USDP) $ 0.999264 0.28%
kucoin-shares
KuCoin (KCS) $ 9.10 0.34%
bittorrent
BitTorrent (BTT) $ 0.00000079743165 0.44%
ecash
eCash (XEC) $ 0.000043 1.45%
the-graph
The Graph (GRT) $ 0.101401 1.69%
iota
IOTA (MIOTA) $ 0.269203 2.02%
zcash
Zcash (ZEC) $ 55.81 1.79%
huobi-btc
Huobi BTC (HBTC) $ 20,174.41 0.91%
usdd
USDD (USDD) $ 0.999757 0.26%
huobi-token
Huobi (HT) $ 4.16 1.40%
evmos
Evmos (EVMOS) $ 1.69 9.38%
havven
Synthetix Network (SNX) $ 2.28 1.68%
cdai
cDAI (CDAI) $ 0.022069 0.18%
maker
Maker (MKR) $ 841.55 0.65%
bitdao
BitDAO (BIT) $ 0.479436 0.20%
klay-token
Klaytn (KLAY) $ 0.189667 0.17%
neutrino
Neutrino USD (USDN) $ 0.973601 0.10%
fantom
Fantom (FTM) $ 0.223737 0.62%
compound-ether
cETH (CETH) $ 27.27 0.04%
neo
NEO (NEO) $ 8.66 0.36%
helium
Helium (HNT) $ 5.07 10.86%
gatechain-token
Gate (GT) $ 4.42 0.62%
defichain
DeFiChain (DFI) $ 0.695384 1.01%
radix
Radix (XRD) $ 0.061024 2.91%
celsius-degree-token
Celsius Network (CEL) $ 1.09 19.26%
pax-gold
PAX Gold (PAXG) $ 1,703.71 0.17%
pancakeswap-token
PancakeSwap (CAKE) $ 4.72 0.68%
thorchain
THORChain (RUNE) $ 1.63 1.07%
osmosis
Osmosis (OSMO) $ 1.09 0.69%
zilliqa
Zilliqa (ZIL) $ 0.031256 0.73%
enjincoin
Enjin Coin (ENJ) $ 0.450675 0.49%
nexo
NEXO (NEXO) $ 0.893648 0.01%
arweave
Arweave (AR) $ 9.24 2.32%