On Monday, the Democrats in the U.S. Congress published draft bills for COVID-19 stimulus that incorporated plans for a digital dollar. On Tuesday, Senator Sherrod Brown introduced another bill, this time in the Senate. While the heart might be in the right place, central bankers and proponents of central bank digital currencies (CBDC) question the practicality of introducing a digital dollar in a rush. It could delay getting money to those most in need.
“At the height of this pandemic we must do more to protect the financial wellbeing of hardworking Americans and consumers,” said Senator Brown, who is the Democrat ranking member of the U.S. Senate Committee on Banking, Housing, and Urban Affairs. “They are on the front lines of this crisis and are already feeling the effects of the economic fallout. My legislation would allow every American to set up a free bank account so they don’t have to rely on expensive check cashers to access their hard-earned money.”
He continued: “I look forward to continuing to negotiate with my colleagues, and urge them to prioritize people over big banks and corporations.”
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