U.S. Senator James Lankford introduced the “No Digital Dollar Act” this week to protect the use of paper currency if a digital currency is adopted by the U.S. Treasury and the Federal Reserve. It also provides certain individuals can maintain their privacy over transactions using cash and coins.
“Oklahomans have expressed to me their concern that the Treasury could phase out paper money and transition to a digital dollar. While some Oklahomans are open to digital currencies, many still prefer hard currency or at least the option of hard currency. There are still questions, cyber concerns, and security risks for digital money,” said Lankford. “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. As technology advances, Americans should not have to worry about every transaction in their financial life being tracked or their money being deleted.”
Lankford’s legislation is in response to President Biden’s executive order which places an urgency on research and development of potential Central Bank Digital Currency, which would be much like cryptocurrency with the exception that it was issued and backed by the government.
