The digital currency is said to save the American taxpayers to save billions of dollars for sending and processing checks. This would legitimize the adaptation of cryptocurrencies around the globe and the power of non-sovereign money starts to be recognized.
The proposal presented by Senator Sherrod Brown and the US House Committee on Financial Services states that it would use digital wallets and accounts for the delivery of payments. This is tied with physical postal service infrastructure for its success. This could potentially make a replacement for inefficient paper or checks that taxpayers need to pay billions of dollars, to sum up.
Covid-19 pandemic became an eye-opener for the monetary response worldwide. This has resulted in stimulus checks worth $267 Billion that are directly dispensed to Americans.
The American government can’t use cryptocurrency as it needs to win by using the technology’s bottom-up approach. By that time, that can be adopted and the government will then be open to using a digitized dollar or open cryptocurrencies.
Countries like Iran, Venezuela, and China have their government resolve this issue. Giving the state willingness to censor the flow of information on the internet whenever it’ll give them convenience. They tend to do the same thing with digital wallets and exchange under their control.
Cryptocurrencies are a good candidate as an alternative that makes it impossible to give out rewards or fine those who will go against the central state ideology.