May 21, 2020 — Although there are risks, national digital currency can have significant benefits, said participants in a Center for Data Innovation webinar on Thursday.
Although many Americans have received their $1200 stimulus checks from April’s CARES Act, those who do not have a bank account or are married to non-citizens have not.
The “Take Responsibility for Workers and Families Act” and the “Financial Protections and Assistance for America’s Consumers, States, Businesses, and Vulnerable Populations Act,” both introduced in late March, would allow the Federal Reserve to create digital currency and hasten the process of delivering stimulus checks to Americans.
However, critics worry that such a development would give the federal government too much power. The U.S. Constitution prohibits state governments from issuing currency; if implemented, the digital currency would be at the federal level.
When asked if officials should consider amending this, Daniel Gorfine, founder of Gattaca Horizons LLC, said it would be unwise.
“I do not think that states or cities or municipalities should be in the business of trying to essentially tokenize or mint tokenized currencies competitive with the U.S. dollar,” he said.
Nonetheless, Gorfine said that states would play a crucial role in the implementation of such currency. “If you’re trying to pilot the benefits of tokenization, you could imagine the tokenizing of things like unemployment benefits,” he said.
Other participants argued that digital currency was a necessity in a world where China and other countries are preparing their own digitized monies.
“It’s about getting ready for a future where you have a lot of tokenized assets,” Policy 4.0 CEO Tanvi Ratna said. “You have a lot of tokenized contracts, you have machine-to-machine communication, you have borderless communication, and if you don’t have a currency that can deal with that sort of an environment then it doesn’t matter.”
“It’s not about money,” she continued. “It’s about what you’re unlocking for the future.”
A recording of the webinar can be viewed here.
- Telemedicine is Increasingly Important, But Comes With Challenges, Say Route Fifty Panelists
- Open Access Infrastructure Important, But Difficult to Develop, Say Digital Infrastructure Investment Panelists
- Broadband Breakfast Live Online on Wednesday, August 26, 2020 — Champions of Broadband
- Broadband Breakfast Live Online on Wednesday, August 19, 2020 — Champions of Broadband: Tom Hazlett
- Broadband Breakfast Live Online on August 12, 2020 — Champions of Broadband: Broadband Breakfast Reporters and Editors
Signup for Broadband Breakfast
Artificial Intelligence1 month ago
U.S. State Department Employing Artificial Intelligence Against COVID-19 Misinformation
Broadband Roundup1 month ago
Artificial Intelligence Task Force, State Cybersecurity, ADTRAN Offers Rural Funding Guidance
Infrastructure1 month ago
Michigan Broadband Cooperative Calls Report Saying Municipal Broadband Has an Unfair Advantage ‘Laughable’
5G1 month ago
Verizon CEO Hans Vestberg Describes 5G-to-the-Home Vision, Claiming U.S. Leads in 5G Deployment
Digital Inclusion1 month ago
‘Disconnection Day’ Looms as a Flouted ‘Keep Americans Connected’ Pledge Expires
Open Access4 weeks ago
In Danville, Virginia, an Early Adopter of Open Access Seeks to Prove the Business Model
Innovation1 month ago
Telecommunication Industry Working Group Aims to End Robocalls Through Cryptographic Credentials
Cybersecurity1 month ago
Metrics and Automation Can Improve Federal Cybersecurity Measures