The Electronic Currency and Secure Hardware (ECASH) Act, introduced by Rep. Stephen Lynch (D-MA), would direct the Secretary of the Treasury to publicly test an “electronic version” of the US dollar. While the bill’s odds of passing likely remain low, it demonstrates governments’ increasing interest in launching alternatives to cryptocurrency.
The goal is to “complement and advance” other Biden administration programs while getting a simple digital currency system in Americans’ phones and wallets. “Cash remains our strongest tool to promote financial inclusion while preserving privacy and security,” said Rep. García in a statement. “New digital tools should emulate it — not replace it.”