Oklahoma Senator James Lankford has introduced new legislation to ensure Americans may continue using banknotes and coins if the United States adopts a digital currency.
In a statement, Lankford explains that he sponsored the No Digital Dollar Act in response to state citizens’ worries that cash may be phased out after the United States establishes a central bank digital currency (CBDC).
As Lankford stated, while some Oklahomans are receptive to digital currencies, the majority still want hard cash or at least the option of physical currency. There are still doubts, cyber worries, and security threats to digital currency.
The bill is a response to Executive Order 14067 by President Joe Biden, which instructs the government to evaluate the potential dangers and advantages of digital assets.
If passed, Lankford’s proposed legislation would ban the U.S. Treasury and Federal Reserve from interfering with Americans who still chose to use paper cash despite a digital currency.
The bill reads,
“The Board of Governors may not discontinue issuing Federal Reserve notes if a central bank digital currency is issued.
The Secretary of the Treasury may not discontinue minting and issuing coins under this section if a central bank digital currency is issued.”
The Act also seeks to ensure that individuals may retain their privacy while doing transactions with cash and coins.
According to Lankford, there is no reason why we cannot continue to use paper and digital money in our country, and the American people should determine how to carry and spend their money. As technology progresses, Americans should not be concerned about every financial activity being monitored or their money being erased.
