NetCents jumped into action as soon as it learned of the plans US Congress made to legislate for this US Federal Reserve Digital Currency as part of two different versions of the first COVID-19 Stimulus Bill ("Stimulus Bill" or the "Bill"). Ultimately this aspect of the legislation wasn't included in the final version of the first Stimulus Bill, but the Board and Advisors of NetCents have agreed that this "Digital Dollar" will be included in subsequent legislation. The Bill is expected to establish a "Digital Dollar", defined as 'a balance expressed as a dollar value consisting of digital ledger entries that are recorded as liabilities in the accounts of any Federal Reserve Bank or ... an electronic unit of value, redeemable by an eligible financial institution.' This will create a cryptocurrency backed and guaranteed by the US Federal Government. The Bill goes on to define a digital wallet, and a requirement that US chartered banks offer these wallets.
Digital dollar proposals, included in an early draft of a massive U.S. coronavirus-induced stimulus bill, have reignited the debate over government-run payment platforms. A provision for a digital dollar was part of a draft stimulus bill put together by the U.S. Democratic Party as a means to make payments to people and businesses hit by coronavirus-induced economic turmoil, but it didn't make the final cut. While plans for the digital dollar have fallen by the wayside for now, others aren't far behind—China's digital yuan is in the pipeline and now a digital euro is being trialled by France's central bank.