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Mike Novogratz believes that times of great crisis, as we are currently experiencing, illustrate why everyone should have a government-linked cryptocurrency wallet. At least at first glance, however, only a few seemed to agree with his way of thinking.
Given the opposition that typically characterizes the cryptocurrency industry to centralized authorities, not many Novogratz supporters seemed to agree with his approach at first. However, when BeInCrypto contacted the CEO of Galaxy Digital, he released further details by saying:
I would recommend a privacy-protected wallet / identity that is not government-controlled, but that governments can send money to.
A government-linked cryptocurrency wallet could be helpful in times of crisis
We are currently experiencing what may be the greatest crisis in our lives. Social distance measures have become the norm worldwide, the death toll from the corona virus continues to rise and central banks are becoming more and more creative when it comes to keeping the economy alive in chaos. .
Mike Novogratz believes a government-linked cryptocurrency wallet would be useful in times of crisis. In fact, technology could rationalize the distribution of grants to citizens. BeInCrypto recently reported on the potential benefits of paying in digital currency over traditional methods designed for such purposes.
This crisis really shows how important it is that everyone has a digital wallet that is connected to both local, state and federal governments. #Crypto
– Michael Novogratz (@novogratz) April 9, 2020
The industry says: “No way!”
Before the head of Galaxy Digital made his statement clear, his supporters made it clear that they were in no way interested in the idea of tying a digital wallet to multiple levels of government. Industry observers reached into his Tweet to express their rejection of such an approach.
Many users simply asked, “What would be the benefit of a government-linked wallet?” In the meantime, some asked about the powers that ridicule the notion of cryptocurrencies. Other respondents argued how important it was to have a digital wallet that had nothing to do with what they called the “shadow banking cartel system”.
WTF .. You don’t mean linked? lol
– Paddy Stash (@paddystash) April 9, 2020
In fact, in times of crisis, there is a strong case for such payments in digital currencies. The technology would certainly speed up the distribution of social assistance payments to millions of people who are now unemployed and claiming benefits. Those who live from paycheck to paycheck would certainly benefit from more immediate access to the money they receive through stimulus packages like that in the United States.
Fortunately, for now, individuals are not limited to one currency. As long as this is the case, a government-led digital currency could help those most in need in times of crisis.
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As a leading blockchain and fintech news company, BeInCrypto always strives to comply with strict editorial guidelines and the highest journalistic standards. With this in mind, we always encourage and encourage readers to do their own research into the information contained in this article. This article is intended as news and is for informational purposes only. The topic of the article and the information provided may have an impact on the value of a digital or cryptocurrency asset, but is never intended. Likewise, the content of the article and the information contained therein do not intend to present sufficient information to make a financial or investment decision. This article is not expressly intended as financial advice, it is not financial advice and should not be construed as financial advice. The content and information in this article have not been prepared by a certified financial professional. All readers should always conduct their own due diligence with a certified financial professional before making an investment decision. The author of this article may have any amount of Bitcoin, cryptocurrencies, other digital currencies, or financial instruments at the time of writing, including but not limited to those contained in the content of this article.
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