WASHINGTON— New legislation has been introduced that is designed to ensure Americans may continue using banknotes and coins if the United States adopts a digital currency.
Sen. James Lankford (R-OK), who introduced the bill, said in a statement he is sponsoring the No Digital Dollar Act in response to Oklahomans’ worries that cash may be phased out after the United States establishes a central bank digital currency (CBDC).
Lankford has noted that while some Oklahomans are receptive to digital currencies, the majority still want cash or at least the option of physical currency, according to Coin Culture.
The report said the bill is a response to Executive Order 14067 by President Joe Biden, which instructs the government to evaluate the potential dangers and advantages of digital assets.
If passed, Lankford’s proposed legislation would ban the U.S. Treasury and Federal Reserve from “interfering with Americans who still chose to use paper cash despite a digital currency,” the report explained.
Must Mint More Money
Language in the bill states, “The Board of Governors may not discontinue issuing Federal Reserve notes if a central bank digital currency is issued. The Secretary of the Treasury may not discontinue minting and issuing coins under this section if a central bank digital currency is issued.”
The Act also seeks to ensure that individuals may retain their privacy while doing transactions with cash and coins, CoinCulture said.
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