A draft of the coronavirus stimulus bill written by House Democrats would create a ‘digital dollar’

For all of those who are hoarding cash in your house safe because of the CoronaVirus and/or you have finally realized you are “royally” getting screwed by the oligarchs running the United States. The president will impose an Executive Order to confiscate your hard earned cash in exchange for the new digital currency. It happened before and will happen again. Executive Order 6102 is a United States presidential executive order signed on April 5, 1933, by President Franklin D. Roosevelt “forbidding the hoarding of gold coin, gold bullion, and goldcertificates within the continental United States”

Source: The Block Crypto

A draft stimulus bill penned by House Democrats and circulating ahead of a formal published version includes a provision that would, if instituted, create a “digital dollar.”

Digital dollar details

As proposed, the digital dollars would exist in a “digital dollar wallet” which is further defined as “a digital wallet or account, maintained by a Federal [R]eserve bank on behalf of any person, that represents holdings in an electronic device or service that is used to store digital dollars that may be tied to a digital or physical identity.”

The text also refers to a “pass-through digital dollar wallet” that “means a digital wallet or account, maintained by a member bank on behalf of a qualified individual, where such qualified individual is entitled to a pro rata share of a pooled reserve balance that the member bank maintains at any Federal [R]eserve bank.”

Pass-through digital dollar wallets appear to be the vehicle by which Americans would access the funds deposited by the government. The wallets would be held by Federal Reserve member banks via separate legal entities.

As for the timing of this, the bill only states:

“Not later than January 1, 2021, all Federal Reserve banks shall make digital dollar wallets available to all citizens and legal permanent residents of the United States and business entities for which the principal place of business is located in the United States.”

Read More: The Block Crypto