The Coronavirus could bring a digital change you need to know about
Everyone talks about the United States wasting millions a year ranging from military spending, special interests, to the growing national deficit. This solution is one area that the United States can actually save money but will require education and training for you. What I am suggesting is the creation of the digital dollar.
You already are used to using a cashless system with your credit card, debit card, making payments with PayPal, and sending money to people with Venmo. The creation of a United States digital dollar is well overdue.
China is already testing their digital currency. Europe plans to release their digital currency in 2021. Then the growth of cryptocurrencies is growing almost daily as financial institutions and people are entering this space.
Do you like carrying around a bunch of change to make your purchase? Many times the change is left in cars, pockets, or saved in a jar. Many people don’t even carry around currency and use their debit and credit cards or pay their bills electronically.
To move into the 21st century, the United States needs to change. Change is hard for anyone and no one likes it. After the recent round of spending the United States has done in 2020 due to the coronavirus, this is the best time to make that change. The spending is likely to continue as unemployment sits at 6.9% which is almost double the unemployment in February. This only adds to the amount of money the United States has to spend to cover unemployed workers until there is a return to normalcy.
The coronavirus continues to hamper the economy as businesses limit their activity. People continue to shop online rather than in stores. Black Friday and Cyber Monday sales were disappointing as records show a 14% decrease or $340 less per shopper.