Going back to “No-Crypto” Era? US Senator Introduces “No Digital Dollar Act”

In order to prevent the U.S. Treasury and the Federal Reserve from interfering with Americans using paper currency if a digital currency is adopted and to ensure that people can maintain privacy over their transactions using cash and coins, U.S. Senator James Lankford (R-OK) announced on Thursday that he has introduced a bill titled "No Digital Dollar Act."

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The bill, as stated, will amend the Federal Reserve Act to, among other things, forbid the Board of Governors of the Federal Reserve System from ending Federal Reserve notes in the event that a central bank issues digital money.

The bill further specifies that even if a central bank digital currency is released, the Secretary of the Treasury may not stop minting and issuing coins under this provision. No digital currency issued by a central bank shall be regarded as legal tender for the purposes of section 16 5103 of chapter 31, United States Code.

The senator believes that as technology advances, Americans should not have to worry about every transaction in their financial life being tracked or their money being deleted.

Learn more about the cryptocurrency's legality in the United States, please read Fazzaco's Cryptocurrency Regulations World Map - the United States​.