Lawmakers join growing push to create a ‘digital dollar’

Lawmakers have introduced a bill that would allow the US Treasury to create a digital dollar.

The electronic dollar, a virtual representation of a US dollar, would allow people to make payments using tokens on mobile phones or through cards versus cash.

ECASH (electronic cash), as the bill calls it, would be a bearer instrument that wouldn’t require payment processing intermediaries, such as SWIFT, the world’s largest payment messaging network. That means payments using ECASH would be near instantaneous — even across national borders — and processing fees would likely be dramatically reduced.

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