I bet the trend of legitimized digital currency is taking circles these past few years. Now, the US government has been deliberating some new kind of “alteration”.
The Coronavirus Aid, Relief & Economic Security (CARES) Act was approved by President Trump last April this year. Dubbed as the largest corporate relief package in US history, the law was an overall instrument to help US citizens to various pandemic help – healthcare assistance and expedite, as well as funding to individuals and businesses.
Case in point, Americans were given funded EID cards but there were reports that there was a struggle in procuring the funds.
However, during the implementation, it received some backlash, some financial institutions and individuals received a huge stash, with others accounting more than the regular $1,200 checks.
A more alarming note, some have not gotten their stimulus checks as of this writing.
This prompted the United Stated Congress Financial Services Committee sought a foreign hearing about the creation of a “digital dollar.”
In a statement, Christopher Giancarlo, known to some as the “CryptoDad” and a business executive that “the purpose of the hearing,” which integrates discussion concerning digital payment and stimulus, do not only aim to talk about the digital dollar but to other online and digital solutions to assist the financial sector.
He is excited about a tokenized Central bank digital currency (CBDC) and how can it be a solution once pursued further by the Fed.
Giancarlo, previous CFTC Chair told McIntosh, also added how these digital improvements can help ease transactions in the economy.