Investing.com – Uptick In ‘Digital Dollar’ Effort Is Encouraging, But How Realistic Is It?

Investing.com columns.

P2P-3

In tandem with the COVID-19 global pandemic there’s been a recent, significant uptick in discussion about the launch of a ‘digital dollar.’ To be fair, given the far more accute priorities currently pressing national governments and a significant portion of the scientific community, it’s likely the idea won’t become a reality anytime soon.

Still, there have been some new, additional moves toward adapting the way the global reserve currency might be transferred to U.S. taxpayers and other constituents.

In March, U.S. Senator Sherrod Brown (D-OH) introduced a bill called the ‘Banking For All Act‘ that has been referred to the Senate’s Committee on Banking, Housing and Urban Affairs. It would require member banks, meaning national or state banks, or bank or trust companies that are members of one of the Federal Reserve banks, to maintain digital wallets, held by the Fed, for interested individuals and organizations that would be used to directly receive government payments. This would allow consumers to set up “FedAccounts” at their local banks.

Read more – https://www.investing.com/analysis/digital-dollar-200522077

Journalist

Posted in Investments

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Tanzeel Akhtar trained as a foreign correspondent at the University of Helsinki, Finland and newspaper journalist at the University of Central Lancashire, UK.
NCTJ Qualified - Media Law, Public Administration and Shorthand 100wpm.

Contributed to The Wall Street Journal, BBC, Bloomberg, Investing.com, Benzinga, The Street, Kitco News, Financial Times' This is Africa, African Business Magazine, CNBC, Hedge Week, Campden Family Office, Citywire, Modern Investor, Spear's Wealth Management Magazine, The Local, Euromoney, Yahoo! Finance, Global Investor, ETF.com, CIO UK, Forbes, Funds Global Asia and Portfolio Institutional.

She has held full-time positions at Interactive Investor, Fund Strategy, Money Marketing, Money Observer, Mining Journal, Marketing Week, Futures and Options Intelligence and Waters Technology. Interned at The Independent, South Wales Argus and Lancashire Evening Post.

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Email: News@tanzeelakhtar.com
WhatsApp: +447468530333
Twitter: @Tanzeel_Akhtar

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