On June 11, 2020, the United States Congress Financial Services Committee held a remote hearing about the creation of a “digital dollar.” A number of well known individuals participated including the former Chairman of the U.S. Commodity Futures Trading Commission, Christopher Giancarlo, and members from the Electronic Transactions Association.
The Covid-19 outbreak and following panic, invoked members of Congress to initiate massive stimulus for businesses and individuals. While incumbent financial institutions and large corporations got a massive share of the stimulus funds, all eligible Americans got a $1,200 check or more, depending on spouse and child dependencies. The funds were distributed after Congress and U.S. President Donald Trump approved the CARES Act.
Since then, the need for widespread economic relief continues because lots of Americans still haven’t gotten their money, and many are waiting for the inefficient postal service to deliver. A number of Americans got EID cards with the funds loaded on the card, but most people still haven’t received a stimulus check and others report that they experience extreme difficulties obtaining the funds.
The issues of delivery and contact have spurred politicians to start talking about a “digital dollar.” At 12 p.m. EDT on June 11, the United States Congress Financial Services Committee listened to testimony from a myriad of witnesses and members of the ‘Digital Dollar’ foundation.
The Digital Dollar foundation has been heralded on various occasions during the last two months from people like Christopher Giancarlo and Daniel Gorfine. The project is a partnership between Accenture (NYSE: ACN) and advisors include members like Adrienne Harris, Alan Lane, Chris Brummer, Cuy Sheffield, Don Wilson, Elizabeth Gray, Jim Harper, Jesse McWaters, and Tom Jessop. The DDF website states:
The Digital Dollar Foundation [was
