U.S. Senator James Lankford of Oklahoma has proposed new legislation to ensure Americans can continue using physical bills and coins even if the US adopts a digital dollar.
In a statement, Lankford says he introduced the No Digital Dollar Act amid concerns from residents in his state that cash may be phased out once the US creates a central bank digital currency (CBDC.
“While some Oklahomans are open to digital currencies, many still prefer hard currency or at least the option of hard currency. There are still questions, cyber concerns, and security risks for digital money.”
Lankford’s bill comes following President Joe Biden signing of Executive Order 14067, which directs the government to examine the potential risks and benefits of digital assets.
If approved, Lankford’s proposed law will prohibit the US Treasury and the Federal Reserve from interfering with Americans who still prefer to use paper currency even if a digital currency is already in place.
Reads the bill,
“The Board of Governors may not discontinue issuing Federal Reserve notes if a central bank digital currency is issued.
The Secretary of the Treasury may not discontinue minting and issuing coins under this section if a central bank digital currency is issued.”
The legislation also aims to establish that people can still maintain their privacy when transacting using cash and coins.
Says Lankford,
“There is no reason we can’t continue to have paper and digital money in our nation and allow the American people to decide how to carry and spend their own money. As technology advances, Americans should not have to worry about every transaction in their financial life being tracked or their money being deleted.”
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