BitDigest March 23 · Issue #620

• Crypto markets fall 13%, losing $25 billion since Friday morning, as $1,000 is erased from price of one bitcoin
• IMF official highlights positives and negatives of central bank digital currency
• Chine releases another negative stance on digital currencies

There has been lots of discussion about the US government’s plans to provide direct cash assistance to Americans hurt by the coronavirus pandemic. I spoke to several people who were concerned about how they would receive their $1,200 payment. In one case, the person had just moved and was unsure whether they will still receive their check in the mail.

I am sure this is obvious to readers of BitDigest but wouldn’t it be easier to send the $1,200 if the US government issued a central bank digital currency? The money would be sent and magically, instantaneously appear in your digital wallet. There would also be a publicly auditable record of the transaction so there would be no questions about if and where the payment was sent. Instead, we are working with an antiquated system that is going to delay delivery of the funds to the people who really need the money right now.

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