How Project Libra And COVID-19 Drove Digital Dollar Idea In Congress

The idea of a digital dollar being considered in Congress has ignited the imagination and driven the conversation around a central bank digital currency in the United States. However, the legislation that includes the concept of a digital dollar is driven by monetary policy debates that have grown popular in light of COVID-19 and the attention Facebook’s Project Libra cast over cryptocurrency policy in Congress.

In this photo illustration the currency of the United States...
CHINA – 2020/03/18: In this photo illustration the currency of the United States dollar icon $ icon … [+] SOPA IMAGES/LIGHTROCKET VIA GETTY IMAGES

Two bills in Congress consider a digital dollar, each for different reasons. First, let’s examine the timeline of Facebook’s Libra which drove the bill in the Senate.

U.S. Senate Banking Committee On Facebook, Libra, and a Digital Dollar

May 7, 2019 – U.S. Senate Banking Committee held a hearing called ‘Privacy Rights And Data Collection In The Digital Economy.’ Facebook became a focal point in the hearing with respect to how much money is made off of individual’s data.

May 10, 2019 – Senate Banking Committee sent Mark Zuckerberg a letter requesting more information on ‘Project Libra,’ described in an article in the Wall Street Journal.

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