Americans relying on the paper process for their coronavirus relief funds could be waiting a long time — especially those without bank accounts. Supporters of digital currency argue that could be avoided in the future.
Digital currency could also cut the lag time of mailing a check or even transferring funds into a traditional account. Rep. Stephen Lynch, D-Mass., said the COVID-19 crisis is showing the country that being able to transfer money virtually means they get help faster.
"You look at the younger generation, the way things are moving here, it provides an even greater advantage if you look out into future years, and I think it's something we're going to have to grapple with," said Lynch, who chairs the House financial technology task force. Vipin Bharathan, a digital transformation consultant, said allowing people to receive money immediately from the federal government has logistical issues. But these are extraordinary times, he noted."The atmosphere is such that things that seemed far-fetched are now in the conversation," said Bharathan, who chairs a group working on a digital coin that could be used by central banks.
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