Acting Comptroller of Currency, Brian Brooks, in an interview lauded digital assets as the integral part of America’s financial future.
Brian Brooks has been an ardent supporter of digital assets even before his appointment, and he has given reasons why he is pushing towards crypto-related payments.
Going further in the interview, Brooks mentions the difficulties the US government has encountered while processing the stimulus checks as he notes that America’s financial future must include digital assets.
In his words, he pointed out that financial institutions are still as busy as they were, and using digital assets might help the government cut corners and process the checks fast.
Brooks says digital assets are an integral part of America’s financial future
The Treasury Department has been working overtime during the coronavirus pandemic times as it has doubled up efforts to hand out stimulus checks to majority of its citizens.
Despite their many attempts to reach out to everyone, there have been many complaints of most people not getting their stimulus checks. News made the rounds in April after most of the American population complained of the amount they got while some didn’t get any at all.
A report that circulated noted that the US government dished out checks for about 80 million citizens, with about 70 million left. Brooks reiterated that if digital assets were used, it would have eased all these while speculating that digital assets are an integral part of America’s financial future.
Moves are ongoing to begin the development of CBDC
Another significant way to get payments across to the American population with ease was the use of the Central Bank Digital Currency(CBDC). Even though Brooks didn’t touch that aspect in his interview, it could be the major catalyst needed to shape America’s financial future.
According to experts, this new technology would allow the majority of the population to receive money quickly. America might be on course to begin developing the CBDC after the news made the rounds around last week that Massachusetts Institute of Technology is planning to partner The Boston Federal Reserve to begin the development of the CBDC.