ECASH Act

Electronic Currency And Secure Hardware Act or the ECASH Act

This bill requires the Department of the Treasury to support the development of an electronic dollar.

The electronic dollar must be

• payable to the bearer;
• considered legal tender;
• an obligation of the United States;
• placed into circulation by Treasury;
• able to be directly used by the public; and
• capable of instantaneous, offline transactions using hardware devices not involving a third-party intermediary.

The bill also provides for privacy requirements applicable to any hardware device used for electronic dollar transactions.

Merchants who accept physical currency and the federal government must accept electronic dollars as a form of payment.

The bill also establishes

• the Electronic Currency Innovation Program to direct the development and implementation of electronic currency,
• the Digital Dollar Council to coordinate Treasury's activities with other government entities, and
• the Monetary Privacy Board to review and evaluate the electronic dollar program.

Finally, the bill provides for the establishment of a Treasury Electronic Currency Innovation Fund Account to carry out related programs.

Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov