US Digital Dollar??!! This Is A Game Changer

Did you hear that U.S. Citizens almost got paid stimulus money through a digital currency nicknamed the U.S. Digital Dollar?

​Let's start by looking at the (paraphrased) proposal made by House of Representative Member (D)Maxine Waters (See the link for reference below).  

During recent negotiations for a massive $2 Trillion stimulus package, the concept of a US Digital Dollar was presented as an option of payment to US Citizens.  The idea was that the Federal Reserve would create a network of digital wallets for each qualified US Citizen.  Stimulus money could then be transferred digitally to these wallets through a distributed ledger.  In other words...A Digital Dollar.  These digital wallets would be monitored through the Federal Reserve and its member banks.  In addition, the US Postal Service would have ATM's available for people who don't have access to funds through bank accounts.

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What Are The Benefits Of Creating a US Digital Dollar?

-Easy distribution of stimulus money
-Banking for the unbanked
-No fees or minimum balances
-Accounts would be paid interest.  

What Are The Disadvantages of A US Digital Dollar?

-A Digital Dollar would still be controlled and manipulated by a central authority (Federal Reserve).
-Learning Curve.  It would take a while for people to learn how to use it.
-Less privacy. The Federal Reserve would now have access to more of your financial information   

It Didn't Happen This Time, But There Are Several Valuable Lessons... 

Lesson #1:  Digital Currency Is On The Radar   I was shocked to hear that in the middle of the biggest crisis in over a decade, digital currency was suddenly being looked at as a viable solution to a collapsing financial system.  It didn't make it through to the final cut this time but you can be sure that the time for digital currency to take center stage is moving closer. 
             
Lesson #2:  It Doesn't Matter If You Are Ready For It...Or Not   ATM machines, debit cards, and credit cards we're not understood by the average person when they were introduced and thrust into the American ecosystem 40 years ago. When that technology was introduced, it didn't matter how well-educated you were.  It was simply introduced to the public and you either had to quickly learn how to use it...or be left behind.  It will be no different with Digital Dollars.  

Lesson #3:  Digital Dollars Will Impact You.   A US Digital Dollar would fundamentally change how your day to day business is conducted.  Imagine your grandparents suddenly having to learn how to use a digital wallet.  Imagine the average person suddenly having to make transfers between peers or make in-store purchases with an ewallet. Digital Dollars will take you further away from the paper money system that you are used to and place you into a digital economy.  Millions of people would suddenly be put at risk of not understanding the new rules of money.   

Lesson #4:  The Digital Dollar Is Going To Happen...(Sooner Or Later)   The government will eventually have to transition into digital currency.  The Coronavirus crisis has already caused the United States to create $6 Trillion out of thin air.  Producing and tracking this amount of currency is a massive undertaking.  Digital Dollars would solve this problem.  In addition, inflation is going to deteriorate the value of the US Dollar.  When the Dollar declines in value, people will lose trust and confidence in it. People will then be seeking new alternatives to old currencies.  Digital Dollars will at least appear to be a great new alternative to the average US Citizen.  

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Conclusion

The Digital Dollar is coming.  Sooner or later...it is coming.  Coronavirus brought unprecedented stimulus, dollar inflation, and a clear example that old solutions are not solving new problems.  That the Digital Dollar was even discussed at the height of this major financial crisis shows us a glimpse of what is on the horizon.  Digital currencies are coming...and they will transform the way we live our financial lives forever.