On March 26, Coinmod reported the decision of the US government to inject $2 trillion into its Covid-19-stricken economy. This stimulus package means that every individual would receive $1200 financial assistance. In line with the actual distribution of the fund, Jack Dorsey, the founder and CEO of payment company Square, came forward and said that his firm could do the job efficiently and effectively.
The coronavirus stimulus package was approved by President Trump last Friday, with reports confirming that the government aims to hand out the rescue fund by April 6. Notably, the IRS would be the one to facilitate the distribution of the money. However, as emphasized by Dorsey, the last thing the citizens need today is the delay that once happened back in 2008, at the height of another disruptive recession. He emphasized that it took months before the rescue fund arrived.
It’s worth noting that everything started when Square’s Cash App user posted a tweet suggesting that the distribution can be done using the crypto-friendly application. Dorsey then replied that they could indeed help in doing so; even touting that Square’s technology can reach even those individuals without bank accounts.
On March 27, CNN reported that Square had reached out to the US government and laid out a proposal on how it can help in the fast and efficient distribution of the coronavirus stimulus package. However, according to the report, another payment platform, Venmo, also came forward and offered help.
Binance.US’ CEO, Catherine Coley, was quick to support Square’s proposal. She noted that unbanked individuals might be left out if the government would rely on its traditional banking system. Furthermore, she emphasized that citizens might not be able to visit their banks during this time of crisis physically. Jodie Kelly, the CEO of the Electronic Transactions Association, also warned the White House about the risks and impracticalities associated with the brick and mortar banking system.
However, the country is yet to wait for the decision of the US Treasury.