How To Keep The Digital Dollar Democratic: A 'Treasury Dollar Bill' / 'Treasury Direct'... - 0 views
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John Kiff on 19 Jun 21In March 2020, US House Democrats drafted plans to legislate into existence a digital dollar, along with a system of digital wallets. The plan Robert Hockett has been pushing can be instituted by municipal, state, or national authorities, and at the national level can be administered either by Fed or by Treasury. It is the latter - the Treasury - version that he emphasizes here, because it already has half of the requisite digital architecture in place. Treasury has a universal account system - 'Treasury Direct' - available to all citizens and legal US residents. It would be easy for Treasury to issue a new Fed 'dollar bill' equivalent - what Hockett calls 'Treasury Dollar Bills' - receivable into these accounts, then either facilitate easy convertibility into Fed dollar bills or - better yet - declare them legal tender as well. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3599419