However, there are no plans for the House to vote on the measures, which are seen as a list of Democrat demands for inclusion in the Senate bill.
The proposals said the digital dollar would work as “a balance expressed as a dollar value consisting of digital ledger entries that are recorded as liabilities in the accounts of any Federal [R]eserve bank; or an electronic unit of value, redeemable by an eligible financial institution (as determined by the Board of Governors of the Federal Reserve System).”
According to the draft bill, which runs to over 1,000 pages, the digital dollars would exist in a digital dollar wallet, defined as “a digital wallet or account, maintained by a Federal [R]eserve bank on behalf of any person, that represents holdings in an electronic device or service that is used to store digital dollars that may be tied to a digital or physical identity.”
Calls for the U.S. to begin development of a digital dollar have been growing louder over recent months, with Federal Reserve chairman Jerome Powell saying he’s looking into the possibilities of a central bank digital currency
Powell told lawmakers in November the Fed is analyzing “the costs and benefits of pursuing such an initiative.”