@kerp14 posted this piece up with some great questions and I was so proud of my answers I figured I would share my responses :D
Please upvote this post from @kerp14 and give him a follow!
Can the United States actually create its own federally accepted cryptocurrency?
- Yes. Many countries are developing the infrastructure, some using the Ethereum platform as a separate token (Indonesia I believe?). Would make sense if the US is doing something similar.
Could the United States create a cryptocurrency without the interference of the Federal Reserve (which really isn't Federal nor is a it a true reserve)
*More of a political power question. It would essentially be declaring war on the Federal Reserve unless the Fed had direct control over the various protocol and/or override authority on the code... which naturally, would defeat the purpose and value proposition of crypto assets as a codified monetary policy ruled by code, not by man.
What would be the greatest pro for the United States to create this cryptocurrency (for the government)
- Internal auditing would be much more rapid; budgeting would be far less complex; agencies would be able to see with open transparencies the budgets of competing/parallel agencies to de-escalate political infighting.
What would be the greatest pro for the United States to create this cryptocurrency (for the people)
*If government agencies and entities were REQUIRED to use these funds for operational activities and within their budget, the TRANSPARENCY alone would be tremendous. Additionally, the stability of knowing the monetary policy in the present and future would be relatively predictable within constraints of open source code would improve the ability of businesses to plan for their future operations.
What are the cons for the government in creating this currency?
- Short term: Temporary disruption and market turmoil of how industries will be
affected. - Long term: Control over state secrets will be harder to obfuscate (good and bad here, depending on perspectives)
What are the cons for the people in creating this currency?
- Potential for greater control over public spending money
- Potential restrictions of specific people from access/use of money in open markets based on bias or political retaliation (Mark of the Beast type stuff)
Do you foresee the United States catching on to what other nations are doing in turn eventually creating its own Cryptocurrency?
- I would argue this is inevitable due to the simplification of auditing alone, as well as enhanced protection from external hackers conducting cyber-heists of large funds of money that can be easily laundered.
Great post. I am waiting for the adoption of cryptocurrency in India.
That would be awesome!
Nice news
Please follow me and upvote
I thought @kerp14's article was very thought provoking. Just thinking of the "workforce adjustments" that would happen in the IRS would be astonishing.
Determining taxes could basically be automated.
agreed. I would prefer if the IRS building and institution died in a fire (not the employees, of course)... except for maybe Koskinen. That fucker deserves to go down with that burning ship.
that's pretty interesting thanks a to for sharing and keep on posting ;)
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