The United States Congress is looking to get all money above board. The idea that anyone can do anything without the government knowing is unacceptable to them.
In this video I discuss a bill that is being put forth that looks to create a digital form of cash. This will not be on blockchain and does not have to go through the Internet. It will be private to the degree that transactions cannot be openly seen (except by the government of course). This will use peer-to-peer technology but the wallets will be designed to meet the specs put forth. This will put a lot of power in the Treasury, giving them the ability to control the money supply and what people do with it.
▶️ 3Speak
What could go wrong?.. lol
Yeah no kidding.
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Crypto is always one step ahead, the community is faster than a bunch of bureaucrats sitting around and having to surf for several weeks before deciding who they are going to screw next.
That is true. I will have to read the bill to see what it outlines. If they are going 4 years out, then there is plenty of time for the industry to innovate around that.
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yaa nahh could we not do that :D
I wonder how it will impact crypto more broadly as crypto isn't just about cash but about projects that are being built on it also
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I would say a lot of it depends upon the time frame. If it is a 4 year deal, crypto will be so far ahead by that time it will be a senseless move.
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I'm not sure how it is in the states but in Aus stables seem to be being created to enable more access to crypto to open the market to retail investors. I think it might be a good thing
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So in a way, it's a way for the government to get access to the transaction logs without going through the banks and the legal system. Either way, I don't see how this will help anyone but the government.
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That is what it appears to be. Keep in mind I havent seen the bill so I am going based upon what others stated.
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