Newly introduced bill calls for creation of a US Treasury electronic notes referred to as E-Cash. This is interesting on two fronts.
One that the treasury is creating a cash equivalent thus allowing everyone, including those without traditional bank accounts, access to the electronic financial system. Secondly, it is noteworthy that the issuer of these notes is expected to be the US Treasury department. This may be a reversal to government-issued money from the Federal Reserve notes of today, i.e,, to treasury notes as opposed to debt notes issued by a private bank.
This is another development worthy of attention.
References
US e-cash: Bill proposes digital currency that replicates cash, bypasses the Fed
Andrew Singer, Coin Telegraph, 28 March 2022
H.R. 7231, the Electronic Currency and Secure
Hardware (ECASH) Act
The Creature from Jekyll Island: A Second Look at the Federal Reserve
G. Edward Griffin, 2002
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