- CEO of Binance US, Catherine Coley, has said that the government should use stablecoins for emergency payments during the pandemic.
- As the process is virtual, it will minimize the risk of people contracting and spreading the virus.
Catherine Coley, the CEO of Binance.US, has said that the government should use stablecoins to issue emergency coronavirus payments. In an op-ed published recently, she noted that digital currencies would allow people to receive aid virtually, thereby minimizing the risk of contracting and spreading the virus.
The government needs to look for ways to innovate the antiquated process of distributing checks by mail. In the interests of speed and safety, why not consider sending the stimulus in the form of stablecoins as a means to verify the transfer of assets?
Coley emphasized the immediate benefit of issuing a digital currency:
Because stablecoins can be distributed digitally, Americans would have immediate access to their funds, alleviating the need to spend hours at a bank to cash a check while removing oneself from a self-imposed quarantine.
The CEO admitted that this move cannot be easily enforced due to a lack of understanding of crypto-assets among the citizens. However, she said that education could go hand-in-hand with the distribution.
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