That’s right, there is a bill that was proposed that would create a “digital dollar” similar to what bitcoin currently offers! Now before we get too far ahead of ourselves, that aspect of the “digital dollar” was cut from the bill after it was causing too many disagreements among members in Congress.
This is still good news for “digital coins” though, as it appears Congress is slowly but surely moving towards possible acceptance of “digital currency”.
According to Forbes the proposal stated the following;
“The proposals said the digital dollar would work as “a balance expressed as a dollar value consisting of digital ledger entries that are recorded as liabilities in the accounts of any Federal [R]eserve bank; or an electronic unit of value, redeemable by an eligible financial institution (as determined by the Board of Governors of the Federal Reserve System).”
Reading that, it’s not that self explanatory how all of this would work, but inevitably that portion of the bill was cut, so it’s no longer a talking point. What this does mean though that the United States is inching closer to possibly unveiling their own official digital currency.
What will this mean to other currencies such as Bitcoin? Time will tell, but Facebook is also unleashing their own digital currency soon, and we all know they have the power and financial backing to get that coin “popular” in a very short period of time.