The idea of a digital dollar fueling emergency payments to Americans is moot. House Democrats have removed all mention of a “digital dollar” and a “digital wallet” in the latest version of its counterproposal to the senate relief package, reversing an earlier draft that included a new digital payment strategy.
The 1,404-page revamped proposal, Take Responsibility for Workers and Families Act, has removed former references to a digital dollar.
A previous version outlined a plan to use a digital dollar that would have been maintained by the central banking system, sending relief funds to eligible US residents via a digital wallet in an effort to mitigate the economic fallout from the coronavirus
According to the current draft, US residents would receive $1,500 per person, plus $1,500 per child.
“Economic Assistance Amount
For purposes of this section, the term ‘economic assistance amount’ means, with respect to any taxpayer for any taxable year, the sum of
(1) $1,500 ($3,000 in the case of a joint return), plus
(2) $1,500 multiplied by the number of qualifying children (within the meaning of section 24(c)) of the taxpayer for such taxable year (not in excess of 3 such children).”
Recipients reaching $150,000, $112,500 and $75,000 thresholds for a joint return, head of household and all other cases, respectively, would be expected to repay the funds.
Meanwhile Democrats and Republicans are still working on a comprehensive emergency package worth upwards of $1.5 trillion. The developing bill comprises a number of proposals including individual cash payments and emergency funds for hard hit industries such as hospitals, airports and public transportation.
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Africa Studio