Bitcoin Use Case: Crypto Could Fix Stimulus Checks Issue
Not too long ago, it’s been revealed that the US lawmakers were working on an economic stimulus package that could be sending checks to citizens to stem the economic disaster from the novel coronavirus.
All the countries worldwide have been harshly affected by the coronavirus pandemic, and most economies have been badly hit, with people being terrorized by not knowing what tomorrow will bring.
The US Senate has already approved the historic $2 trillion stimulus deal.
Massive flaw in the rational financial system
The measure is aiming to be timely, and the proposal brought up a flaw of the traditional financial system: moving money extremely slowly.
Now, it’s been revealed that it takes a really long time for the US government to send money to Americans amidst the coronavirus pandemic.
It’s been reported that officials from the Trump administration told the lawmakers that it could take about five months to send the stimulus checks to eligible Americans.
Americans who have set up deposits with the IRS can expect to get the payments as early as April 13.
CNN said that the agency would also take care of people who need paper checks to be sent in the mail, and this process could last until September.
Bitcoin and crypto could change it all
We’re looking at about 55 million people who are unbanked or underbanked, and this is where Bitcoin could save the day.
Crypto can help move money domestically and across borders in an instant without any intermediaries. People are in need of the money immediately, not in a few months.
People need help immediately. The technology exists to get money to most people today (even to those without bank accounts). Square and many of our peers can get it done. US government: let us help. https://t.co/mVrpOpbp0b
— jack (@jack) March 26, 2020
Square wants to help the IRS compress the timeline and facilitate direct payments from the government to the people without bank accounts.
Andreas Townsend Author
I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.