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US Senator Introduces ‘No Digital Dollar Act’ to Prohibit Treasury and the Fed From Interfering With Americans Using Paper Currency

US Senator Introduces ‘No Digital Dollar Act’ to Prohibit Treasury and the Fed From Interfering With Americans Using Paper CurrencyA U.S senator has introduced the “No Digital Dollar Act to prohibit the U.S. Treasury and the Federal Reserve from interfering with Americans using paper currency” if a central bank digital currency is adopted. The bill further states: “No central bank digital currency shall be considered legal tender under section 16 5103 of title 31, […]

US Senator Introduces ‘No Digital Dollar Act’ to Prohibit Treasury and the Fed From Interfering With Americans Using Paper Currency

A U.S senator has introduced the “No Digital Dollar Act to prohibit the U.S. Treasury and the Federal Reserve from interfering with Americans using paper currency” if a central bank digital currency is adopted. The bill further states: “No central bank digital currency shall be considered legal tender under section 16 5103 of title 31, United States Code.”

No Digital Dollar Act Introduced

U.S. Senator James Lankford (R-OK) announced Thursday that he has introduced a bill titled “No Digital Dollar Act to prohibit the U.S. Treasury and the Federal Reserve from interfering with Americans using paper currency if a digital currency is adopted and makes certain individuals can maintain privacy over their transactions using cash and coins.”

The bill will “amend the Federal Reserve Act to prohibit the Board of Governors of the Federal Reserve System from discontinuing Federal Reserve notes if a central bank digital currency is issued, and for other purposes,” according to the text of the bill.

Furthermore, “the Secretary of the Treasury may not discontinue minting and issuing coins under this section if a central bank digital currency is issued,” the bill details, adding:

No central bank digital currency shall be considered legal tender under section 16 5103 of title 31, United States Code.

Senator Lankford explained that residents in his state have expressed to him their concern that the Treasury “could phase out paper money and transition to a digital dollar.” He stressed that many Oklahomans “still prefer hard currency or at least the option of hard currency.”

The lawmaker added, “There are still questions, cyber concerns, and security risks for digital money,” emphasizing: “There is no reason we can’t continue to have paper and digital money in our nation and allow the American people to decide how to carry and spend their own money.”

Lankford stressed:

As technology advances, Americans should not have to worry about every transaction in their financial life being tracked or their money being deleted.

The lawmaker explained that “There is currently no federal statute that prohibits the Treasury from only having a digital currency.”

While the Federal Reserve is working on a digital dollar, Fed Chair Jerome Powell said this week that a U.S. central bank digital currency (CBDC) will take at least a couple of years. “We are looking at it very carefully. We are evaluating both the policy issues and the technology issues, and we are doing that with a very broad scope,” Powell said.

What do you think about this No Digital Dollar Act? Let us know in the comments section below.

Source: Regulation Archives – Bitcoin News

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Report: Nigerian Securities Regulator to Exclude Crypto in its Digital Asset Agenda

Report: Nigerian Securities Regulator to Exclude Crypto in its Digital Asset AgendaAccording to Lamido Yuguda, the director general of the Nigerian Securities and Exchange Commission, the regulator does not plan on including cryptocurrencies in its digital asset agenda. Yuguda reportedly said the commission will only change its stance on cryptos when Nigerian regulators agree on the standards to protect digital asset investors. Commission to Promote ‘Sensible […]

Report: Nigerian Securities Regulator to Exclude Crypto in its Digital Asset Agenda

According to Lamido Yuguda, the director general of the Nigerian Securities and Exchange Commission, the regulator does not plan on including cryptocurrencies in its digital asset agenda. Yuguda reportedly said the commission will only change its stance on cryptos when Nigerian regulators agree on the standards to protect digital asset investors.

Commission to Promote ‘Sensible Digital Assets’

The Nigerian Securities and Exchange Commission (NSEC) said it will only include cryptocurrencies in its digital assets agenda when regulators finally agree on the standards to protect investors. The commission added that cryptocurrencies are currently excluded because the exchange platforms where such digital assets are traded are operating outside of the Nigerian banking system.

According to a Bloomberg report, the NSEC is keen on promoting what the institution’s director general Lamido Yuguda calls “sensible digital assets.” Yuguda explained:

The commission is in the business of protecting investors, not in the business of speculation.

In addition to promoting safer digital assets, the commission reportedly said it will explore blockchain’s use in advancing virtual and traditional investment products.

In May, the NSEC unveiled new rules governing the issuing of digital assets as well as the registration requirements for platforms that offer digital assets. At the time, some in the Nigerian crypto community believed the new rules applied to cryptocurrencies. While Yuguda admitted that cryptos are presently excluded, he did not rule out including them in the future.

“Any asset that is traded in the Nigerian capital market requires the joint approach of different regulators,” the director-general reportedly said.

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What are your thoughts on this story? Let us know what you think in the comments section below.

Source: Regulation Archives – Bitcoin News

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