Today, the House Financial Services Committee will be holding a hearing to discuss the use of digital tools to improve the delivery of stimulus payments. Below are comments from Guy Hirsch, US Managing Director of eToro on the benefits of the digital dollar project.
A Strong Case For The Digital Dollar
Guy Hirsch, US Managing Director of eToro, comments: “Although the modern-day financial system is already largely digital, and physical cash payments are quickly disappearing from everyday life, there is still a strong case for digitizing the USD.
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"A digital dollar should be considered as a key component of disaster relief preparedness, enabling the US government to send financial assistance within minutes to millions of eligible citizens experiencing hardship due to a catastrophe such as the current epidemic."
"Furthermore, a digital dollar would transform identity protection and management. Identities could be verified on-demand, encrypted and shared with the institutions involved in the transaction on a temporary basis; without revealing personal information about the parties. There were over 3 million cases of identity fraud reported in 2019 and an estimated $16 billion in damages. A digital dollar could make the social security system obsolete and introduce a modern, secure system to verify identity."
"We see this initiative as potentially groundbreaking and believe that it could significantly help aid people in need during these uncertain times.”
What do you think? Will there be a digitized USD or is it just a crypto pipe dream. Comment below