ARTICLE SUMMERY: “We just glimpsed how a “digital dollar” might work, thanks to coronavirus” is a deep look into the future of the way money will be distributed, used and kept track of by Blockchain as a result of COVID-19.
This came about by the need for people to have cash in hand for basic needs during this pandemic, and while there is no system in place a plan for the Federal Reserve to create a digital currency system is in the works.
Unrelated to COVID-19 a new draft of the Senate Banking Bill calls for
- A digitized version of the existing dollar
- Creation of digital wallets for citizens branded as “FedAccounts”
- All this run by the Federal Reserve
Mike Orcutt covers the ins and outs of this and the possible down side, this is well worth the read.
Let us know what you think in the comments.