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US Lawmakers Introduce 'ECASH' Bill to Create a Digital Dollar

As per US Lawmakers, The US Treasury Department may be the right Govt Department to create a digital dollar and not the Federal Reserve.

The "Electronic Currency And Secure Hardware Act" (ECASH Act) was introduced to direct the Treasury Secretary to develop and issue an electronic version of the U.S. dollar, with an eye to preserving privacy and anonymity in transactions.

The system would be token-based, not account-based, meaning if someone were to lose their phone or card, they would lose the funds. In other words, it would be like losing a wallet with dollar bills in it.

This form of e-cash would support peer-to-peer transactions, and given the nature of its setup, it would support fully anonymous transactions.