National cryptocurrency cannot replace physical one — opinion of the US Senator

US Senator James Lankford of Oklahoma has proposed a new bill that would allow Americans to continue using physical bills and coins when the US switches to a digital dollar. In his statement, Lankford noted that he took such action because of the concerns of his state’s residents — Oklahomans fear that cash may be withdrawn from circulation when the US establishes CBDCs.

«While some Oklahomans are open to using digital currencies, many still prefer hard currency. In addition,there are questions about cybersecurity and prevention of risks associated with digital finance,» the senator noted.

If approved, the law proposed by Lankford will prohibit the US Treasury Department and the Federal Reserve from interfering with the finances of Americans. That is, even if the digital dollar exists, Americans will have the right to use cash without any risk of being held liable for any kind of penalty.

Lankford explains: «There is no reason we can’t have paper and digital money in our country. We can’t tell the American people in what form to store and how to spend their money. Americans shouldn’t have to worry that someone is constantly tracking their money transactions.»

It is worth noting that cryptocurrency experts have already called on the US authorities to abandon the development of a state cryptocurrency in favor of using bitcoin, as CBDC will not help America solve its financial problems. According to industry leaders, the digital dollar will only expand government control over the last areas of personal economic life that are free from oversight. «CBDCs will essentially give governments access to every transaction made by any person anywhere in the world. It’s only a matter of time before transaction data is available to everyone in the world,» the analysts emphasized.