Digital Dollar Considered During the Crisis

The economic stimulus that was just agreed upon ultimately did not include a digital dollar but the idea was in the bill until recently; the idea of rolling out a digital dollar would make sense from a safety point of view with all the social distancing needed; implementing it right now would not be easy and most of the ideas centered around using the postal service to establish IDs for unbanked individuals; “These ideas take advantage of the face that the financial system rests on the payment system,” said Robert Hockett, a law professor at Cornell University, to American Banker. “If you want full financial inclusion, the best way is to offer full payment inclusion.”; the willingness to discuss the idea does show that lawmakers are considering the potential for digital currency solutions and might give private solutions a path forward for the future. American Banker

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