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The Treasury would initiate the pilot within 90 days of the bill’s passage and deploy e-cash to the public within four years.

E-cash is supposed to have “minimal transactional data-generating properties” — a tall order for cryptocurrency systems that publicly log transactions — and it’s supposed to allow for peer-to-peer transfers that aren’t validated through a “common or distributed ledger.”

E-cash wouldn’t replace a Federal Reserve plan for a digital dollar Lynch’s bill builds on widespread existing interest in a US “digital dollar.”

The bill specifies that e-cash is distinct from CBDCs and wouldn’t supplant a potential Federal Reserve program.

Similarly the 46m mainland tourists who visit Hong Kong every year are demanding ways to spend their e-cash.