The US government might just be closer to digitizing the dollar than you think
In the midst of the mayhem and vulnerability coming from the coronavirus pandemic, a couple of American policymakers are genuinely considering the possibility that the Federal Reserve should issue "digital dollars."
Numerous individuals need money in their grasp as quickly as time permits to compensate for money lost to the pandemic and related shutdowns.
On Wednesday, Congress leaders started making moves in order to get that going.
A bill that has been passed by the US Senate will allow every eligible American to be able to receive a subsidy payment of upto $1,200 from the government.
The payments will be doled out utilizing already existing techniques. Be that as it may, at one point late in the discussion, some Democrats in the House seemed to back the formation of a new, government-run payment platform that would enable payments to be given out i form of a digital dollar.
Despite the fact that the proposed framework did not pass as law, it was definitely thoroughly considered.
Furthermore, the Covid-19 pandemic may end up contributing more to the adoption of digital currencies around the globe.
Outside China, which has been hinting at the possibility of digitizing Yuan, the nation's currency, digital currencies have not really shown much signs of being adopted by governments the world over. In the US for example, the authorities from the Federal Reserve have said over and again that the central bank has no designs to issue any digital dollar.