ECASH can become a digital analog of the fiat dollar, but all transactions with it will be completely confidential

​US introduced the “anonymous dollar” ECASH bill

29.03.2022 - 12:10

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2 min

What’s new? US lawmakers have introduced the Electronic Currency And Secure Hardware Act (ECASH). According to the document, the Treasury Department is to develop and issue an electronic version of the dollar that will be completely anonymous, CoinDesk reports.

CoinDesk’s material

Project details. The new electronic dollar will be considered a full analog of the fiat currency. The ECASH system is based on tokens rather than accounts-based. The currency will be stored on the phone or a card, meaning that if the owner loses his phone or card, they will lose all their funds as well. The new form of e-cash will handle peer-to-peer transactions, which, according to the technical parameters, are completely confidential.

Rohan Grey, a consultant to the new bill, stated:

“A token-based system that doesn’t have either a centralized ledger or distributed ledger because it had no ledger whatsoever. It uses secured hardware software and it’s issued by the Treasury.”

Cryptocurrency situation in the United States. On March 9, the White House released a government-wide strategy for regulating the cryptocurrency industry. The executive order sets national policy on digital assets in several areas: consumer and investor protection, financial stability, illegal use of cryptocurrencies, US leadership in the global financial system.

US senators have already begun work on a bill on the regulation of cryptocurrencies. The politicians will develop a system of digital asset classifications and prescribe the basics of cybersecurity. US Treasury Secretary Janet Yellen recognized the benefits of cryptocurrencies. In her view, digital assets are a big innovation in the field of payments.

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