Digital currency could also cut the lag time of mailing a check or even transferring funds into a traditional account. Rep. Stephen Lynch, D-Mass., said the COVID-19 crisis is showing the country that being able to transfer money virtually means they get help faster.
"You look at the younger generation, the way things are moving here, it provides an even greater advantage if you look out into future years, and I think it's something we're going to have to grapple with," said Lynch, who chairs the House financial technology task force. Vipin Bharathan, a digital transformation consultant, said allowing people to receive money immediately from the federal government has logistical issues. But these are extraordinary times, he noted."The atmosphere is such that things that seemed far-fetched are now in the conversation," said Bharathan, who chairs a group working on a digital coin that could be used by central banks.
Digital currency to make the theft of working people’s money that much easier by the fraud IRS
It didn’t help they had to add the king’s name
stevenmnuchin1 claims that he wants us to add our banking information on the IRS site because it’s safer than a mailed check (also wouldn’t take weeks), yet I’m eligible, have filed taxes, and this is what I get every damn day. PaymentStatusNotAvailable
This's a bad argument. Most USD in accounting books around the world are digital. If everyone holding digital USD demanded physical currency at once for each penny they own, the US would have to produce an enormous amount to meet the demand. So, we are already doing this...
So their answer is to obviously force the people who currently don't believe in using direct deposit to use direct deposit because they'd have no choice?
I am one of them. This is like buried money. $1,200 isn't going to mean much way down the line. The system is broken. But I am now 57 years old and don't care as much as I used to. Screw it.
Money isn’t real
Trump didn't become president for any other reason then to funnel money into his pocket.
The UST should issue cash cards similar to EBT. That way money can be transferred in 24-48 hours of appropriations. No bank account needed. No printed checks with the Pres's name on them. And allow the USPS to have basic inexpensive bank accounts.
Digital currency is not an either/or proposition versus the Euro / Dollar etc.
NPR TAKING COVID RELIEF MONEY$$$$ FROM AMERICANS. Nancy Pelousy made sure lots of money from the COVID Package was given to PBS and NPR instead of small business and The People. NPR should give money back for starving citizens
ECorp ever watch Mr Robot?
I put in my banking info on Wednesday. The next few days when I checked I was told it would be direct deposited in my account. Yesterday IRS site says I'm getting a paper check to be sent out end of next week.
Yeah some want us all to have a number.
Our currency is just fine...it's the delivery process for this $$$ that is at fault here. The gov site does not all one to update bank account info using same SS used to pay taxes owed. It should work both ways!
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digital currency won't solve this problem. anyone who'd use crypto is already getting their money direct deposited somewhere.
I wonder if they could do something like that for voting - or even use the regular mail system if it's still around
How do poor/minority open a bank account or cash the check? I have been told by Democrats that they don’t have an ID. So how will they cash this check? Or is it they just don’t like voter ID?
If you get a chance please spread this around. The Navajo Reservation is really struggling. Many people don’t even have electricity or running water. We would like to send 100 solar gens and 100 water from air systems ASAP✊🏽😷
NO DIGITAL CURRENCY! Only a dumb tRumper would think that is good for America!
I have direct deposit and still have not received money.
AMERICA IS BROKE BUT SpeakerPelosi WANTS MORE OF YOUR MONEY
Get with the times people.
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Source: TheEconomist - 🏆 6. / 92 Read more »