The United States should use stablecoins for emergency payments during the Corona period







In the context of fear and uncertainty of the COVID-19 pandemic, the US government said seeking financial support for Americans as soon as possible, even discussing the ability to pay basic income. At the same time, they need to isolate themselves at home to reduce the risk of virus infection. When providing emergency payments, the government should be aware of the risk if it requires people to receive money at a bank or other physical location. Accordingly, they should distribute the stimulus in a sterile, effective and accessible manner.


stablecoin


The government needs to find ways to innovate the process of distributing checks by mail. Because of speed and safety, why not consider sending stablecoins as stablecoins as a means to verify asset transfers? Because stablecoins are digitally distributed, Americans will have immediate access to their money instead of waiting for hours at the bank to pay for checks without being able to guarantee complete anti-epidemic.


Because the digital asset space is new and relatively unfamiliar to people who are not in the cryptocurrency community, there are of course many conflicting ideas for this idea. Ignorance often translates into a lack of trust. Education should go hand in hand with distribution. Both governments and citizens will need to be informed about how stablecoins work, how users can exchange them for fiat money, and why they can make it easier to transfer money in the future.


Many utilities


The advantage of using stablecoins is many. For starters, with digital assets, recipients don't need to own a home or even have a mailbox to receive them.


Digital assets also prevent counterfeiting or loss of checks. President Trump mentioned the idea of ​​paying stimulus in installments. Digital assets can be deposited into escrow for issuance at a given time. When the property is delivered to the recipient, he or she can send money to himself or another person without any fees or wait times, providing a solution faster than traditional check.


If the stimulus package is distributed through crypto, every American with an internet connection, Social Security number and proof of address can access their checks. These assets can be distributed to everyone and monitored by the government on the blockchain. Digital assets will be deposited and received by U.S. regulated entities and regulated by a financial institution under federal, state laws and regulations.


By depositing digital assets, the government will not need the postal staff and the resources needed to create and distribute physical checks or prepaid cards. These actual checks are a means to withdraw or deposit money at a time when everyone is expected to be at home. The COVID-19 epidemic will be difficult to control if the mailing and banking services are still operating locally to process checks.


Whether Americans are isolating or reducing interaction, we need to proactively find ways to reduce the spread of COVID-19. Why encourage Direct delivery hundred million stimulating checks? This may even infringe on the Government's residence in local procedures.


Digital assets can connect to existing banking systems without requiring a direct deposit between people. There are no deposits to any bank account from the digital market or exchange. Anyone over 18 can access digital funds and post them online, this will provided solution for thousands of college students who cannot go home for fear of accidentally infecting their parents. Through digital distribution, the United States not only protects the health of recipients and senders, but also provides more comprehensive access and shows the world that we are still active leaders in innovation. finance.


The cost of sending checks to every citizen is enormous. Consider that sending checks to 250 million adult citizens at an estimated cost of 55 cents each could turn into $ 138 million. And this does not include labor costs for preparing and delivering the mail, fuel costs for delivery, health and employee benefits. Not including the return service fee, the cost of repairing the check due to the incorrect sender's address, the cost of any employee hired to track and confirm the check sent appropriately to all person or employee to collect addresses from the IRS. The stimulus package directly to citizens will cost about $ 350 billion. Why do we need to spend at least 138 million dollars to send it?


If the U.S. incorporates digital assets into stimulating distribution, people will be excited to use digital assets that way, before other countries build their own digital currencies. The United States is prioritizing the health of its citizens, while educating and adapting to this developing digital world.


Thuy Trang


According to Coindesk




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Nguyen Diep

My name is Nguyen Manh Cuong. I was born in a poor village in Ba Vi district, HA NOI province - windy and sunny land. Currently

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