Congressmen French Hill and Bill Foster have sent a letter to the Federal Reserve, the Central Bank of the United States, calling for the creation of a national digital currency.

Hill and Foster are concerned that digital fiat currencies and cryptocurrency are a long term threat to the USD, and cite a report from the Bank of International Settlements that over 40 countries are developing national digital currencies.

Essentially, people around the world are seeking the ease and security of cryptocurrency, and Hill and Foster believe the United States needs to create a digital currency or risk losing control over the monetary system.

Further, they reference the relevant laws, which shows that the Federal Reserve has the power to develop a national digital currency.

If an official United States digital currency were to be developed it would likely be a stablecoin pegged to the USD, similar to Tether and USD Coin.

At this time it is unknown if the Federal Reserve is seriously considering this proposal.

 

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