A bill has recently been submitted to the US Senate ECASH (Electronic Currency and Secure Hardware). It would allow an introduction Electronic Currency Innovation Program (ECIP), developed to oversee pilot programs related to the introduction of the digital US dollar.
Digital dollar in testing phase
A bill related to the use of digital currency was presented in the American Congress. The entry into force of the ECASH law would oblige the US government to conduct tests on the issue of the digital dollar. A vision that has so far only seemed to be the subject of public debate is starting to materialize. The new act is the first real step towards testing the first version of the digital dollar.
New regulations on digital content
The ECASH Act was signed by Stephen F. Lynch, a Massachusetts congressman, who recommends that a pilot program be run so that the digital dollar functions like traditional cash. The new regulations can significantly contribute not only to increasing financial integration and consumer safety, but also to the development and regulation of the digital content area.
Lynch also emphasizes that in the face of the dynamic development of digital technologies, bearing in mind that most countries in the world have already introduced some form of state digital currency, the United States cannot afford to lag behind in this field.
The United States is ready for a digital revolution
The bill is fully in line with the ordinance issued in February by US President Joe Biden. According to its content, government institutions were obliged to thoroughly analyze the consequences of the potential introduction of the digital dollar.
The United States is committed to preparing itself for the digital revolution that we cannot avoid. The more so because such efforts are made by such powers as Russia and China, seeking independence from the US dollar. The shift to innovative solutions also aims to ensure economic justice, so that lower-income communities have a chance to improve their financial situation.