US Congressmen introduced the Electronic Currency and Secure Hardware Act (ECASH) in the Senate. The bill establishes the Electronic Currency Innovation Program (ECIP) that will oversee the feasibility of a digital (crypto) version of the US dollar launched by the Federal Reserve – FED. With this legislation, the crypto dollar will be able to promote financial inclusion and consumer safety through data privacy, which would drive the US to develop and regulate digital assets. It is worth remembering that there is already a crypto US dollar, but it is not controlled by the FED, they are called stablecoins. Their value is anchored in dollars, that is, for each stablecoin created, for example: for every 500 coins there is a reserve of real USD equivalent to $500.

Author: Tom Furtado