US lawmakers propose ECASH bill, emphasizing "digital dollar" as fully anonymous and financially inclusive.

According to a report by "Coindesk," a group of U.S. congress members has jointly introduced a new bill called the "Electronic Currency and Secure Hardware Act" (referred to as the ECASH Act), which aims to promote the issuance of digital dollars by the Department of the Treasury instead of the Federal Reserve. The bill recognizes the "electronic dollar" as legal tender, with similar functions to physical dollars, and can be used on mobile phones and bank cards.

According to a report by Coindesk, U.S. lawmakers have introduced a new bill called the "Electronic Currency and Secure Hardware Act" (ECASH Act), aimed at promoting the issuance of a digital dollar by the Treasury Department instead of the Federal Reserve. The bill recognizes the "electronic dollar" as legal tender, having the same functionality as physical dollars, and can be used on mobile phones and bank cards.

The bill was jointly introduced by Representatives Stephen Lynch, Jesús Chuy Garcia, Ayanna Pressley, and Rashida Tlaib, emphasizing that the electronic dollar will be an anonymous note to protect privacy and anonymity in transactions. The electronic dollar system will be token-based rather than account-based, meaning that if a phone or bank card is lost, it is equivalent to losing the cash in a physical wallet.

Assistant Professor Rohan Grey from Willamette University stated that the bill aims to create a true digital dollar, "We propose having a truly cash-like anonymous note, a token system that has neither a centralized ledger nor a distributed ledger because it has no ledger at all. It is issued by the Treasury and secured with hardware and software."

The report points out that this form of electronic cash will support peer-to-peer transactions and, due to its nature, will be entirely anonymous, distinguishing the "electronic dollar" from proposals for stablecoins or decentralized ledger digital dollar initiatives.

While blockchain is designed to track every transaction where any transaction can be linked to the sender and receiver, users of the electronic dollar will not be subject to strict regulatory constraints like banks' "know-your-customer" rules. The proposed system could serve those who are unable to access bank accounts or do not wish to be subject to bank fees or have their funds frozen.

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