The U.S. government has started distributing the stimulus checks to the U.S. taxpayers. These stimulus checks have been distributed in the wake of the economic crisis due to the COVID-19 pandemic. In response to this, one of the representatives of the Lower House, Rashida Tlaib has introduced the digital wallet. This digital wallet will be included in the Automatic Boost to Communities, ABC Act. The extended $2,000 payment from the U.S. government will be distributed in those digital wallets only.
This ABC Act was presented in the Lower House by Tlaib on Thursday. There were other members also who have supported this act including Alcee Hastings, Ilhan Omar and seven others.
It has been explained by the members of the Lower House that the main aim of this act is going to improve the financial services access. Through this the citizens of America will be connected directly to the Federal Reserve. Most of the people have received their stimulus checks while some are still waiting. They were unable to get their checks due to some technical issues.
Initially, in these stimulus checks, the government has also included the digital dollar payment system. However, it was later on removed from the stimulus bill without giving adequate explanation regarding this. The ABC act will also transform the complete digital payment system across the U.S. This will also include other payment methods like debit/credit cards, online payment system and others along with digital wallets.
Libra, which is backed by Facebook, has also announced its plans to develop stablecoins backed by both multi and single currency. This recent news from the U.S. government about the ABC act seems to be a direct competition to Libra. Well, it is still yet to be seen whether the act will be passed or not but it is going to be the great step towards digital payment system.
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