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Home Cryptocurrency news Bitcoin

US Treasury Issues Stimulus Debit Cards Because They Failed to Launch a Cryptocurrency

Tony Spilotro by Tony Spilotro
8 months ago
in Bitcoin, Cryptocurrency news
Reading Time: 2min read
cryptocurrency us treasury digital dollar crypto
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Ahead of the approved and now distributed stimulus package that provided individual US taxpayers with up to $1,200 in relief, the proposal included the introduction of a cryptocurrency like the digital version of the dollar. However, if failed to gain traction and was pulled.

Because the US Treasury failed to launch a cryptocurrency to distribute stimulus checks, they have now turned to issue debit cards adorned with US President Donald Trump’s name on it.

Stimulus Checks Aren’t Improving Consumer Spending, US Treasury Seeks Alternatives To Boost Spending

To save the already on thin ice economy from sudden failure, the US government and Federal Reserve have been printing money at their whim and issuing stimulus checks to encouraging spending.

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The checks are also designed to provide some economic relief to those whose jobs were impacted by the pandemic in some way.

Related Reading | House Democrats Propose ‘Digital Dollar’ in Move Big For Bitcoin: Here’s Why

However, consumer spending remains down and the economy hasn’t seen the boost that the stimulus was intended to create.

Billionaire tech investor Mark Cuban who is on Trump’s task force focused on reopening the economy has proposed alternatives to the stimulus issuance to further encourage spending over savings.

Initially, the stimulus bill had proposed an account denominated in a cryptocurrency like digital version of the dollar to boost spending, but rolling such a platform out on such short notice would have delayed much needed, urgent stimulus relief from reaching consumers.

Failure To Introduce Cryptocurrency Version of Dollar Has Led to Stimulus Debit Cards

The failure to introduce a cryptocurrency version of the dollar has led to the US Treasury creating a debit card designed to deliver any remaining stimulus to individuals.

US Treasury Secretary Steven Mnuchin revealed the debit card alongside President Donald Trump, citing its creation as a means to more quickly and safely deliver money to individuals in need. But the real goal behind moving from direct deposits to debit cards is to encourage spending over stockpiling of cash reserves.

Treasury Secretary Steven Mnuchin launches stimulus debit card pic.twitter.com/MGe6UDTxyu

— Reuters (@Reuters) May 20, 2020

While adding to savings is helpful for consumers fearing the worst, forcing spending is what is truly needed to save the economy from further downturn. If consumers aren’t spending, businesses will feel the crunch, and already out of control unemployment rates will skyrocket further.

Eventually, the United States will someday release a digital version of the dollar, that acts like other cryptocurrency assets such as Bitcoin but without the notorious volatility.

Related Reading | Stimulus Checked: Here’s The ROI on a $1,200 Investment in Top Crypto Assets 

The digital dollar will essentially be a stablecoin like Tether, USDC, and countless others that have been growing at a rapid pace. Other countries are also developing their own cryptocurrency, clearly showing a defined trend toward change in the future.

But until then, debit cards will be sent to encourage consumer spending – spending that could very well make its way into cryptocurrency assets, as past stimulus money has.

Tags: bitcoincryptocryptocurrencyDigital DollarStablecoinsSteven MnuchintetherUS TreasuryusdUSDC
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a digital media executive and global remote work leader with a decade of content experience and excellent. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter and feel free to drop me a line if you would like to work together.

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