In addition, the supply chain into which coins normally flow was interrupted during the outbreak. Banks and businesses have shut down or changed their way of doing business, leaving fewer and fewer coins in public circulation.
Federal Reserve Chairman Powell participated in the House Financial Services Committees virtual hearing on economic outlook and monetary policy on the 17th. At the meeting, he said that the Federal Reserve is trying to solve the problem because the U.S. economy has stalled and coin circulation has basically stalled.
At the same time, the Fed will coordinate with the U.S. Mint to maximize production and call on savings institutions to book only the number of coins needed to meet short-term demand. As the economy reopens, Powell said, coins are expected to start flowing again.
It is reported that the current mainstream payment methods in the United States are credit card and cash, which is not as convenient as domestic mobile payment.
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