US Democrats consider digital wallets for crisis payments

[vc_row][vc_column][vc_paragraph text=”Ten years after the appearance of Bitcoin the US government has finally announced it would take the creation of digital dollar under serious consideration. This, according to many, would strengthen most of cryptocurrencies, especially BTC.”][/vc_column][/vc_row][vc_row][vc_column][vc_heading title=”Washington’s innovative solution ” size=”medium”][/vc_column][/vc_row][vc_row][vc_column][vc_paragraph text=”According to the Bloomberg Law report published on Monday, Democrats in the House of Representative seriously consider the possibility of creating a system of digital wallets for storing “digital dollar” (sadly not BTC). “][/vc_column][/vc_row][vc_row][vc_column][vc_paragraph text=”This initiative was described in a legislative text published Monday by Maxine Waters, the chair of House Financial Services Committee.”][/vc_column][/vc_row][vc_row][vc_column][vc_paragraph text=”The House is viewing usage of digital wallets for accelerating the emergency payments which are a part of economic stimulus measures necessary to eliminate the COVID-19 pandemic’s consequences.”][/vc_column][/vc_row][vc_row][vc_column][vc_paragraph text=”Peter Van Valkenburgh, the Coin Center’s director of research commented on the initiative, “The text defines “digital dollar” as: “][/vc_column][/vc_row][vc_row][vc_column][vc_paragraph text=” 1. A balance represented by dollar value consisting of digital records”][/vc_column][/vc_row][vc_row][vc_column][vc_paragraph text=” 2. A digital unit cost repayable by any competent financial institution”.”][/vc_column][/vc_row][vc_row][vc_column][vc_paragraph text=”The point is that it would be easier to implement the plan of economic stimulation if citizens would be given out thousands of dollars via digital system rather than using standard checks.”][/vc_column][/vc_row][vc_row][vc_column][vc_paragraph text=”According to Bloomberg, “Major federal banks and other financial institutions will have to provide individuals and tax authorities entitled to make extraordinary payments being discussed with digital wallets”.”][/vc_column][/vc_row][vc_row][vc_column][vc_paragraph text=”Although it is unclear how such a system would work on a large scale, the crypto community has already called it “a central bank’s digital currency”, still avoiding calling it “a cryptocurrency”.”][/vc_column][/vc_row][vc_row][vc_column][vc_heading title=”This could save the crypto, believes analyst” size=”medium”][/vc_column][/vc_row][vc_row][vc_column][vc_single_image image=”506″ img_size=”full”][/vc_column][/vc_row][vc_row][vc_column][vc_paragraph text=”As Nathaniel Whittemore believes, these steps would help strengthen Bitcoin.”][/vc_column][/vc_row][vc_row][vc_column][vc_paragraph text=”He pointed at a theoretical 4-step process that can become a reality if the measures are taken:”][/vc_column][/vc_row][vc_row][vc_column][vc_paragraph text=”Step 1: Launch of a digital dollar for incentive payments”][/vc_column][/vc_row][vc_row][vc_column][vc_paragraph text=”Step 2: Hundreds of millions of Americans getting their first digital wallet”][/vc_column][/vc_row][vc_row][vc_column][vc_paragraph text=”Step 3: Trillions of dollars’ injectings into the economy if the crisis lasts longer than was expected and has more economic consequences that may lead to decline in the dollar”][/vc_column][/vc_row][vc_row][vc_column][vc_paragraph text=”Step 4: Bitcoin`s rate growing fast as it becomes a salvation from sinking dollar.”][/vc_column][/vc_row][vc_row][vc_column][vc_paragraph text=”Notably, all the measures could be taken without this initiative but any digital system with the Internet access would increase the efficiency of the measures by enhancing investments in the economy.”][/vc_column][/vc_row]

New decentralized IOTA market - image

New decentralized IOTA market

As Open Marketplace reports, IOTA with its mission of creating a decentralized market, has recently launched three demonstrations of the ...