In what will send shock waves through the cryptocurrency and blockchain industry, particularly for those following central bank digital currencies around the world, this signals the U.S. is serious in establishing infrastructure for a central bank digital currency.
Both Speaker Pelosi’s ‘Take Responsibility for Workers and Families Act’ and the ‘Financial Protections and Assistance for America’s Consumers, States, Businesses, and Vulnerable Populations Act (H.R. 6321),’ introduced by Chairwoman Maxine Waters of Financial Services Committee, introduced these concepts today as a way of delivering the economic stimulus payments to U.S. citizens.
Carmelle Cadet, Founder and CEO of EmTech, a modern central bank technology and services company, was a technology partner in the world’s first live retail CBDC in the Bahamas called the Sand Dollar. She has recently started a new initiative in the U.S. called ‘Project New Dawn’ to ensure the unbanked and underbanked receive economic stimulus payments. Pointing to a FDIC National Survey of Unbanked And Underbanked Households in 2017 that identifies 63 million people that are unbanked and underbanked in the U.S., Carmelle states, ‘ …if checks are the form of payment, the stimulus will not reach up to 63 million people.’
Take Responsibility for Workers and Families Act
Financial Protections and Assistance for America’s Consumers, States, Businesses, and Vulnerable Populations Act (H.R. 6321)