Congress Pushes For COVID-19 Relief Payments To Be Made With Blockchain

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(Edited)

A letter was recently sent by Congress to Steven Mnuchin, the current U.S. Secretary of Treasury, which proposes that COVID-19 stimulus payments should be made with blockchain technology. The CARES Act was put into effect on March 27, 2020 and surprisingly enough, the government immediately faced challenges with delivering the funding in a timely matter. As of now, millions of Americans have not yet received a $1200.00 check and with everything going on, the need for relief funding is critical.

The government is well aware of the capabilities of cryptocurrency and blockchain technology. I imagine they most likely have an enormous amount of cryptocurrency locked up somewhere LOL. Despite the pressing benefits of blockchain technology, many members of the government simply ignore the fact that there will be a time when traditional currencies are overtaken by digital ones. Nonetheless, among the haters are intellectual representatives of the government that see how crypto can save the day.

Congressman Darren Soto, Florida’s 9th District U.S. Representative, prompted the letter sent to the U.S. Treasury and gathered signatures from several other members of Congress. Within the letter, several statements surrounding the utilization of blockchain are backed by factual, game-changing reasons. One proclamation made by Congress, which is very important, is the United States must explore blockchain technology to remain a world leader. China and many other countries of Asia, are using more advanced technologies than the U.S., this includes digital currency.

The letter was dated for April 23, 2020 and was published on April 28, 2020, so it can be found online.

In my opinion, it is excellent news that Congress formulated a letter for the U.S. Treasury, which urges that blockchain technology should be researched and utilized. It is just a matter of time for traditional currencies to be updated with powerful, intuitive technology.

Posted Using LeoFinance



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