The U.S. House of Representatives is investigating the use of a digital dollar in response to the coronavirus pandemic.
A draft of the legislation proposed the creation of digital wallets within a section entitled “Direct Stimulus Payments for Families.”
According to the section, every adult earning less than $75,000 a year would receive monthly payments of $2,000 until the economy recovers.
It is unclear whether the digital dollar will utilize blockchain technology at this time.
The proposal also states the federal reserve will maintain all digital dollar wallets.
The massive bill, well over 1,000 pages, will distribute approximately $1.8 trillion.
On March 22, Senate Democrats blocked a Republican bill that did not mention digital dollars, stating the bill favored big business bailouts at the expense of the U.S. taxpayer.
Stay tuned to Blockchain Daily, as more details regarding the digital dollar will be announced in the coming days.
Updated : The final version of the economic stimulus package offered by Speaker Pelosi the House Democrats no longer includes the U.S. Digital Dollar proposal; however, the language as proposed by Chairwoman Waters of the House Financial Services Committee still contains this language.