The disaster seems to be looking for its climax. The entire world is quarantined to stop the Coronavirus, slowing down productivity and consumption, the recession knocks on the door. The US Congress proposes launching a digital dollar to stimulate the economy, which is on par with the measures against the Coronavirus.
With this news, cryptocurrencies and their adjacent technology continue to gain ground. Immediately, the main participants in the ecosystem have reacted positively.
The United States is about to become the new epicenter of the dreaded COVID 19. With an infected population growing exponentially, with more than 53,000 positive cases in the country, it is difficult for the stimulus plan not to be approved.
About the digital dollar
The initiative for the digital currency to come out at the moment, arises from the proposal that it work as a means of paying stimuli for American citizens.
It will be expressed in dollars and recorded in an accounting book through Blockchain, directly linked as account liabilities of any bank of the United States Federal Reserve. In this way, this digital dollar can behave on par with other measures against the Coronavirus.
About the digital wallet
In this same order of ideas, the crypto dollar will have its own wallet, maintained by banks linked to the Federal Reserve. It will be available to anyone who meets the requirements to receive the help proposed by the Lower House.
State banks, not linked to the FED, may also opt for wallets for transfers.
Among the advantages of the digital dollar, and its wallet proposed by the congress, stands out the reach of unbanked people, especially those without identification, who will have funds available at ATMs that are expected to be enabled.
The digital dollar proposal is part of a comprehensive stimulus plan. There, the injection of 2 trillion dollars into the US economy is contemplated, in order to avoid rampant bleeding, caused by the brake of an economy based entirely on consumption.
The President of the United States indicates that they will make every effort to ensure that society resumes its normal activities as soon as possible. In his own words, imagine America’s churches crowded for Easter.
Donald Trump’s recent speech demonstrates his ambition to eliminate sanitary measures before mid-April. However, the growth in the number of infected people in the country does not support the idea.
Currently, the implementation of the plan is almost a fact, it remains only to wait for the final words, and the final agreement.
Will the digital dollar be part of the agreement? We will know in the next few hours!