Democrats in U.S. Congress have drafted two stimulus bills which recommend the creation of a digital dollar as part of broader COVID-19 stimulus plans.
The relevant bills are the Take Responsibility for Workers and Families Act and the Financial Protections and Assistance for America’s Consumers, States, Businesses, and Vulnerable Populations Act.
What the Bills Propose
Both bills suggest sending stimulus payments to qualified individuals affected by COVID-19 shutdowns.
The relevant sections propose giving monthly payments of $1,000 to minors and $2,000 adults. This will be decided based on national unemployment rates and individual income.
The same amounts with similar eligibility criteria of a permanent employment and minimum monthly income can be obtained with short-term Payday Loans online. They seem to be really helpful in case of emergency, such as Coronavirus for example. But it's recommended to study the Payday Loan Legislation at first and be careful to apply for the cash advance online.
If the digital dollar is introduced, it will be distributed through the traditional banking system.
Additionally, the U.S. Postal Service will allow “unbanked” users who do not have eligible IDs to receive the digital dollar through specialized ATMs in post offices.
The proposed digital dollar will not be represented on a blockchain or decentralized ledger.