How digital currency would help government payments in the future

The government would help save a lot of taxpayers' money in the future by switching over to the digital currency (Visa). As per the representatives in the government as well as the private sector changes would be brought about in the government sector in the next five years and millions of precious dollars would be saved by using digital currency for all government transactions with regard to payments as well as purchases.

The usage of the digital currency (Visa) in all aspects of government expenditure would bring about the positive aspects of the technology. Douglas Michelman, global head, Corporate Relations was quoted as saying that there were plans to improve accountability, efficiency as well as transparency with government spending and this would be implemented in the state level, federal agencies, local as well as all other government agencies.

Governments are struggling with their financial budget due to these difficult economic times and the need for transparency, accountability as well as savings is very urgent. Hence the shift in technology from cash to digital currency is a welcome change and would certainly help in the long run.

• The U.S. Treasury Department has plans to switch over to payments through the electronic mode and thereby eliminating around 135 million check payments and saving around $50 million by way of postage charges and also saving taxpayers money to a tune of around $300 million during the initial five-year period. This would go up after the initial five-year period.
• There has already been an announcement made by the U.S. Department of Veteran Affairs as well as the Social Security Administration about the completion of the switching over to the digital currency for making the benefits payments. The cost comparison showed that it cost the U.S. treasury just 10 cents to make a digital transfer, whereas a check payment cost them at least a dollar in printing and mailing the check.

Michelman was quoted as saying that it was encouraging to see government agencies engaging and adopting the digital currency in all its government sectors both big and small. The other speakers in favor of the digital technology (Visa) included Senator Mark Warner as well as West Virginia State Auditor, Glen B. Gainer and both men felt that the technology would greatly improve the efficacy of the government and bring forth better accountability, transparency and bring down government spending as well.

Doug Nicholas

Doug Nicholas, a financial consultant by profession with a Masters degree in International Business from Brown University, is also an ardent writer. Though he has a full time job at one of the companies listed on Wall Street, he does manage to squeeze in time to follow his passion. He puts his ideas to words in his articles related to finance and business.