Digital USD Included in Congress Stimulus Bill

At the moment, the draft version of the bill, created by the democrates, involves the creating of a digital dollar and the special wallet
24 March 2020   189

The Democrats bill on supporting the economy in the context of the coronavirus pandemic involves the creation of a digital version of the dollar and wallet to provide incentive payments. About it writes The Block.

The current version of the bill has not yet been published and will undergo further improvements. The inclusion of the digital dollar clause has sparked a heated debate about the infrastructure for wallets. Its authors acknowledge that this is not about creating a cryptocurrency or using a blockchain.

According to the document, a digital dollar is defined as a balance expressed as a dollar value consisting of digital ledger entries that are recorded as liabilities in the accounts of any Federal Reserve bank.

Another definition states that it is also an an electronic unit of value, redeemable by an eligible financial institution (as determined by the Board of Governors of the Federal Reserve System).

The wallet for digital dollars in the bill received the following definition: a digital wallet or account, maintained by a Federal [R]eserve bank on behalf of any person, that represents holdings in an electronic device or service that is used to store digital dollars that may be tied to a digital or physical identity. 

The document also mentions a “pass-through digital dollar wallet,” which means a digital wallet or account, maintained by a member bank on behalf of a qualified individual, where such qualified individual is entitled to a pro rata share of a pooled reserve balance that the member bank maintains at any Federal [R]eserve bank.

Qualified natural persons legislators recognize anyone over the age of 16 years, with the exception of a non-resident of the United States.

The latter type of wallets will be designed to receive incentive payments from the government. These wallets will be stored by reserve banks of the Fed through separate legal entities.

The bill recommends that banks immediately provide the opportunity to open such transit wallets for digital dollars online or via telephone.

Banks will not be able to charge any fees on them and will be required to provide functionality that is not inferior to existing offers in the financial market.

The document sets a deadline of January 1, 2021, during which time the creation of transit wallets for all citizens and US resident companies is set aside.

Neo Foundation to Withdraw $11M From Cold Wallet

These funds will be used to finance its operations in currrent reporting year and $190M are stiill in the vault
26 March 2020   239

On March 25, the Neo Foundation announced the withdrawal of 1,660,865 NEO ($ 11 million) from the cold wallet to finance its activities in the current reporting year. About $ 190 million are still in reserves.

According to rules established in the Neo White Paper, the NEO tokens maintained by the Neo Foundation are mainly used to continuously support Neo's technological development, ecosystem growth, community expansion and the normal operations of the foundation and related organizations. 

 

Neo Foundation

According to the publication, 1,660,865 NEOs were transferred “from a blocked account to a current account”. As the information on the blockchain shows, these funds were directed to an address containing 14.6 million NEO or about $ 100 million. The project does not disclose who controls this address and what fate awaits the released tokens.

White paper Neo suggests that project costs in any given year should not exceed 15 million tokens. In the near future, a financial report for 2019 will be published.

At the time of publication, NEO is the 23rd largest asset on the market with a capitalization of $ 479 million. The price of one NEO is $ 6.79.