Congress Urges Treasury Secretary Mnuchin To Use Blockchain For COVID-19 Stimulu

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Congress Urges Treasury Secretary Mnuchin To Use Blockchain For COVID-19 Stimulus Payments

On Tuesday, a letter from eleven Members of Congress to the Secretary of the Treasury was made public that urged Secretary Mnuchin to consider the use of blockchain technology to help in providing COVID-19 stimulus checks to Americans. With the high-profile nature of suggesting the U.S. Treasury could deliver money owed to the public with both speed and security as a result of using blockchain technology is the equivalent of the ‘Super Bowl’ of blockchain use cases for the private sector.

The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) was signed into law on March 27, 2020 and provided for payments; however, timely delivery of the money to all who are entitled to the stimulus has proved a challenge. While 90 of the 150 million eligible individuals have received their payments as of April 17, the 60 million that remain include low-income families who do not normally file income tax returns and face issues with accessing basic financial services.

More at:
https://www.forbes.com/sites/jasonbrett/2020/05/02/congress-urges-treasury-secretary-mnuchin-to-use-blockchain-for-covid-19-stimulus-payments/#792abdb6471d


Wow This Big NEWS!

What Do you Thank?

[Gozie51]

I commend the congress members for looking and suggesting in the area of blockchain technology to solve the challenges of stimulus package. This has shown that economics would after this time research to use blockchain technology for data preservation which is one important benefit of blockchain.

[tabas]

It's a good boost and recognition for blockchain but I don't think that there's a connection of it to cryptocurrency. The stimulus that they will pay will be in US dollars to sustain and help their people from this pandemic. But, I'm looking to the positive factor that this will bring for blockchain technology.