New Digital Dollar Scheme May Wipe Out the U.S. Dollar For Good

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The U.S. Congress sent the hearts of cryptocurrency holders aflutter last week, pushing Bitcoin up by 15% to almost $7000, when a proposed digital dollar was mooted as part of the trillion-dollar stimulus package to help Americans stay financially afloat during the coronavirus-induced national shutdown.

With tens of millions of Americans and small businesses urgently needing cash to make ends meet while the pandemic halts almost all economic activity, the U.S. Senate passed a bill on Wednesday 25 March to dispatch relief cash payments of up to $1,200 to eligible single citizens (earning less than $99,000) and $ 2,400 for married couples. In early versions of the bill, a Fed-issued digital dollar and wallet for affected Americans were included, but didn’t make the final cut.




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