OREANDA-NEWSThe House of Representatives of the US Democratic Party published a document proposing to use the digital dollar to combat the effects of coronavirus.

It's specified that this will accelerate the payment of direct emergency funds to consumers who do not have bank accounts, as part of the economic stimulus plan. Earlier, Treasury Secretary Stephen Mnuchin said US taxpayers would be allocated $ 1,000 per adult and $ 500 per child to minimize the impact of the pandemic.

“Large federal reserve banks and other financial institutions will need to provide digital wallets to individuals and joint tax authorities eligible for direct government emergency payments, which are currently being discussed in the bill for economic assistance”, party representatives wrote.

In the text of the document, the term “digital dollar” is defined in two ways. Firstly, it is a balance expressed in dollars and taken into account in the digital book. Secondly, it is an electronic unit of value payable by an authorized financial institution.