U.S. Lawmakers Introduce New Bill to Require Treasury to Evaluate Digital Dollars and Digital RMB

U.S. Congressmen French Hill and Jim Himes have introduced a bill that would require the U.S. Treasury Department to evaluate the role of the digital yuan, the digital dollar, and the real dollar in the global economy.

U.S. Lawmakers Introduce New Bill to Require Treasury to Evaluate Digital Dollars and Digital RMB

U.S. Congressmen French Hill and Jim Himes have introduced a bill that would require the U.S. Treasury Department to evaluate the role of the digital yuan, the digital dollar, and the real dollar in the global economy.

The bill, called the 21st Century Dollar Act, would require the Treasury Secretary (Janet Yellen) to submit a report to the Senate Banking Committee and the House Financial Services Committee that would include “efforts by major foreign central banks, including the People’s Bank of China, to create official digital currencies and any risks these efforts pose to U.S. national interests.”

The bill would also require the Treasury Department to develop a strategy to boost the dollar’s reserve status.

Hill said in a statement that keeping the U.S. dollar as the world’s reserve currency would be “good for American companies and workers, as well as for America’s global reach.

He said, “Congress and policymakers need to understand the risks facing the dollar, particularly those associated with the Chinese yuan, to ensure the dollar’s safety and preeminence.”

In the statement, Himes said the dollar is an “important geopolitical tool” in the U.S. “diplomatic toolbox.

The 21st Century Dollar Act is a sensible, bipartisan bill designed to ensure that the dollar remains the world’s most important reserve currency,” Himes said.

Hill previously sent a letter to the Fed with Rep. Bill Foster, D-Illinois, asking if the U.S. central bank was considering creating a digital dollar. Since then, the Boston Fed has begun researching the merits and possible technology of a CBDC.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/u-s-lawmakers-introduce-new-bill-to-require-treasury-to-evaluate-digital-dollars-and-digital-rmb/
Coinyuppie is an open information publishing platform, all information provided is not related to the views and positions of coinyuppie, and does not constitute any investment and financial advice. Users are expected to carefully screen and prevent risks.

Like (0)
Donate Buy me a coffee Buy me a coffee
Previous 2021-05-27 02:02
Next 2021-05-27 02:10

Related articles