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observation https://www.tradingview.com/x/vpkSjGUu/
According to ABC NEWS, its already happening.Bitcoin has the potential to rocket if the el Salvador thing pulls through.
I still think it's a crap way to transact though
But the thing that stunned me was thisEl Salvador has become the first country in the world to adopt bitcoin as legal tender, a real-world experiment proponents say will lower commission costs for billions of dollars sent home from abroad but which critics warn may fuel money laundering.
The plan spearheaded by President Nayib Bukele is aimed at allowing Salvadorans to save on $US400 million ($538 million) spent annually in commissions for remittances, mostly sent from the United States.
No wonder south American countries are happy to facilitate its citizens to enter the USA, either legally or illegally.Last year alone remittances to El Salvador amounted to almost $US6 billion, or 23 per cent of its gross domestic product, one of the highest ratios in the world.
Good find. US may crack down harder on crypto. Biden seems anti crypto.According to ABC NEWS, its already happening.
ABC NEWS
But the thing that stunned me was this
No wonder south American countries are happy to facilitate its citizens to enter the USA, either legally or illegally.
Nearly a quarter of its GDP comes form the mostly low paid immigrants.
Mick
Reset and so globalist leftists are the big thread to cryptos, but paradoxically,it is this political side which created the push to crypto with their aim at control and plunder via taxation and seizure.Good find. US may crack down harder on crypto. Biden seems anti crypto.
That...was hilariously accurate. That poor, poor guy. What was he thinking. Was he thinking at all?
Some people never do, unfortunately. Good thing the rest of us can learn from their mistakes. Hopefully.his 40 years old... just haven't hit puberty yet ?
On July 28, 2021, a new bill was introduced in the US House of Representatives. This bill, sponsored by Congressman Don Beyer,1) aims to regulate crypto-currencies. But it does more…
The bill is called the “Digital Asset Market Structure and Investor Protection Act”2) (“Digital Asset Bill”). And for the majority, it sets out future rules for crypto. However, hidden in this bill, changes to the foundation of the Dollar are proposed.
And because nobody outside crypto (and frankly, few inside crypto) actually read the bill, these amendments have so far largely gone unnoticed.
Crypto-currencies have been making waves. Fans of crypto think they have the new medium of exchange. However, in the current proposed regulations, Congress clearly takes a strict approach towards crypto and its various use cases. The following article provides an overview of these new US crypto regulations.
Included in the Digital Asset Bill, amendments to the Federal Reserve Act and the definition of legal tender are proposed. These amendments drastically expand the powers of the Federal Reserve, and change how money is created and distributed in
To summarize: the Federal Reserve does not directly create digital money. And, it also doesn’t create physical money (notes and coins). US.
So far so good. But the next section, contains the real story.
According to the Digital Asset bill, Federal Reserve notes will in the future also be issued digitally:
“Federal reserve notes, to be issued at the discretion of the Board of Governors of the Federal Reserve System for the purpose of making advances to Federal reserve banks through the Federal reserve agents as hereinafter set forth and for no other purpose, are authorized. Notwithstanding any other provision of law, the Board of Governors of the Federal Reserve System is authorized to issue digital versions of Federal reserve notes in addition to current physical Federal reserve notes. Further, the Board of Governors of the Federal Reserve System, after consultation with the Secretary of the Treasury, is authorized to use distributed ledger technology for the creation, distribution and recordation of all transactions involving digital Federal reserve notes. The said notes shall be obligations of the United States and shall be considered legal tender and shall be receivable by all national and member banks and Federal reserve banks and for all taxes, customs, and other public dues. They shall be redeemed in lawful money on demand at the Treasury Department of the United States, in the city of Washington, District of Columbia, or at any Federal Reserve bank.” 7)
The US fed, unlike the RBA in OZ, and most of CB's in the rest of the Western World, is not a federal government agency, but a private consortium of US commercial banks.As we saw, the Federal Reserve does not have the power to create Dollars directly. It seem like this power is now to be granted to them. Given that these new Reserve Notes are digital, this strangely merges two distinct forms of money as well.
Next, we saw that the distribution of Dollars was done through member banks. It isn’t clear if this remains the case. It clearly says that these digital Dollars can be issued “in addition” to the current Federal Reserve notes. There is nothing, at least not in this law, preventing the Federal Reserve from taking a more centralized and direct role in distributing the digital Dollar. Perhaps during the next “emergency.”
And finally, the Federal Reserve Board is to be authorized to create and distribute a “ledger-based” digital Dollar that could be used for everyday transactions. There are a few technologies one could imagine, but let us for now assume this will be a blockchain. Blockchains are great for recording transactions; it is what they do.
Perhaps that is why the Federal Reserve will be authorized to do so? However, it is a bit hard to imagine that such a centralized structure would not lead to monitoring of all transactions. And what about privacy? What about security?
The Fed is currently not as powerful as it wants the market to believe; the Federal Reserve Act restricts a lot of its actions. This amendment, however, could drastically expand the powers of the FED, by allowing them to create and distribute a “digital USD” directly. It could change the entire structure of the financial system, with far reaching consequences.
And how are digital Federal Reserve Notes to be justified in terms of the origins and authority of the Federal Reserve? If the Digital Dollar is based on a blockchain, how can they also be based on reserves?
And what mechanism will determine how funds (and how much) are added to the economy? And where and how will they be distributed? Will this all be under the control of a board of seven unelected bureaucrats? And how will they control a distributed ledger of such magnitude?
This amendment has the potential to change the way the Federal Reserve operates. It is not law yet, and can still be changed. This deserves a wider discussion by economists and financial experts outside the crypto-space as well.
For some people, the banning of cryptos by a country is meaningless as the cryptos are not controlled by any one country.China expanded its escalating crackdown on cryptocurrencies on Friday when its central bank declared that all activities related to digital coins are “illegal” and must be banned.
In a statement the People’s Bank of China said the latest notice was to further prevent the risks surrounding crypto trading and to maintain national security and social stability.
Curiously, the statement is dated September 15, but only hit the central bank's website at 5pm on Friday.
Incidentally, the news was already priced in once, with rumors of PBOC crackdown sending the price of bitcoin lower in mid-September when Bitcoin traded just below $50,000.
Naming bitcoin, ether and tether as examples, the central bank said cryptocurrencies are issued by nonmonetary authorities, use encryption technologies and exist in digital form and should not be circulated and used in the market as currencies. The PBOC specifically targeted overseas cryptocurrency exchanges declaring that it was illegal for them to provide online services to residents in China.
So what now happens to cryptocurrencies already owned by Chinese citizens?the CCP have declared all virtual currency transactions to be illegal.
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