Oklahoma Senator James Lankford has introduced new legislation to guarantee Americans may continue using real banknotes and coins if the United States adopts a digital currency.
In a statement, Lankford explains that he sponsored the No Digital Dollar Act in response to state citizens’ worries that cash may be phased out after the United States establishes a central bank digital currency (CBDC).
The bill is a response to the issuing of Executive Order 14067 by President Joe Biden, which instructs the government to evaluate the potential dangers and advantages of digital assets.
If passed, Lankford’s proposed legislation would ban the US Treasury and Federal Reserve from interfering with Americans who still chose to use paper cash despite the existence of a digital currency.
Examining the bill, It seems unlikely that the Board of Governors would stop printing Federal Reserve notes in Favour of a central bank digital currency.
Even if a digital currency is established by the central bank, the Secretary of the Treasury cannot stop minting and issuing coins within this section.
The Act also seeks to ensure that individuals may retain their privacy while doing transactions with cash and coins.
According to Lankford, “Paper and electronic forms of currency should both be legal tender in the United States, and individuals should be free to choose whatever they want for everyday use. As technology progresses, Americans should not be concerned about every financial activity being monitored or their money being erased.”
Also Read: Bitcoin Holdings Are Growing Despite A Weak Market
Wallets