The U.S. government needs to focus on the digital dollar and blockchain – BRI report

digital dollar

TL;DR Breakdown

  • The U.S. needs a digital dollar, BRI’s chief executive says. 
  • The world is entering a new era of mainly blockchain systems and transactions. 

According to reports, the U.S. economy would benefit enormously from the government prioritizing the digital dollar creation. The new administration is urged to implement new technologies in blockchain and have cryptocurrency as a number one priority to boost the country’s economy, with the COVID-19 pandemic evolving. 

The executive chairman of the Blockchain Research Institute, Don Tapscott, shed more light on the implications of the COVID-19 pandemic on the U.S economic system. He disclosed that the recent pandemic has made highlighted the importance of digital currency to the US government. He added that the entire universe faces a time when leaders should embrace reality and create a comprehensive framework for building a prosperous and robust government. 

“The world is entering into a new era,” Tapscott said. An era where the world will advance from this present age to involve the full implementation of blockchain and the full use of the digital dollar is anticipated. This new era will make the government concerned and seek knowledge about the digital market space and how innovations will affect the economy. 

The Digital dollar is vital for the Biden administration – Trapscott

The BRI has created a report which gives full details concerning the steps which the US needs to take towards expanding its digital market space with the use of technology strategies. The report, which consists of 120 pages, was released with the chamber of Digital commerce — a body representing the blockchain industry in the US, based in Washington DC. 

According to the report, five issues need to be sorted out in the US for the present administration to experience significant accomplishment. These five issues include cybersecurity, understanding the digital dollar, citizens engagement, renovating government services, and the US economy’s growth. 

Although every issue released in the report is of great importance, Tapscott believes that blockchain, including the total focus on the digital dollar, should be given the most preference. Looking at how the COVID-19 pandemic has crippled the traditional means of transactions and supply, it is unwise to not put more effort into utilizing the blockchain system, according to the executive. 

For example, the report gives details of COVID-19 vaccination to be disbursed around the nation. What better way to send this palliative to citizens, if not the blockchain network? With the world already embracing digital currency and blockchain technology, there is a need for the US government to prioritize creating a digital currency, or better still, a digital dollar. 

UC Hope

UC Hope

UC Hope is a passionate fan of crypto who could weave the latest event into sparks of inspiration and information. He leaves no stone unturned to get to the core of a story. Aside from writing, he spends his hours poring over algorithms and protocols, preparing for a future career as a computer programmer. He joins the team to contribute his insights with precision.

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