Posted on 01/11/2021 9:27:32 AM PST by Sons of Union Vets
To review, Treasury Secretary Steven Mnuchin is attempting to push through an 11th-hour action aimed at throwing a regulatory wrench into the cryptocurrency markets. The proposed new rule looks to expand Know Your Customer (KYC) obligations to parties who may not even be customers. Typically, there's a 30-day comment period before proposals like this can be implemented, which would take the date past Jan. 20, when Mnuchin will have been shown the door at Treasury. And the incoming administration is likely to have a friendlier stance towards the crypto market than the current one. Treasury, however is using some fancy legal footwork to make today the last day for public comments.
(Excerpt) Read more at seekingalpha.com ...
“And the incoming administration is likely to have a friendlier stance towards the crypto market than the current one”
Hilarious.
Uncle Joe wants every last cent you got, in whatever currency. And he’s just been handed your doorkeys.
Dorsey probably receives most of his kickbacks from China in the form of Crypto currencies. Wants to make sure his assets stay liquid.
Or was it for the purpose of protecting his little crypto-wallet enterprise from greater scrutiny by the Federal Government led by President Donald Trump and his Treasury Secretary Steven Mnuchin?
One purpose of the new rules was to discourage the moneylaundering which is facilitated by the anonymity which goes tandem with the use of crypto-currencies like Bitcoin - a crypto-currency Dorsey backs.
AND anonymous!!!!
The dems just love digital currency...but only one they control.
They wish to eliminate any way to buy/sell other than digital.
Digital money can be simply switched off...if your social score is poor then poof, there goes your savings.
It makes it difficult to deal in real money..like silver and gold.
Everything you own would become tied to the digital currency.
You could not sell your home for any sort of real money...you might be able to swap it for something but I doubt it.
Covid contamination of paper money could be used as justification for digital currency.
And none could buy nor sell without the number....etc etc
bookmark
A digital currency (like digital yen, dollars or euro) can be shut off. Yes.
Bit crytpto cannot.
Now, the government can cut off electric power and internet access.
But if we get to the point where power and internet service is decentralized.....then.....crypto can’t really be stopped.
Digital currency is more stable than crypto-currency.
A person wouldn’t really need to use crypto-currencies - which are less stable - for normal transactions. It is the anonymity which is key for some users who may be involved in money laundering and other illegal activities.
The “Know Your Customer” regulation would represent an effort to address this issue. In banks, if a cash transaction exceeds $10,000.00 some accompanying paperwork needs to be filled out for the Federal Government.
Crypto can effectively be rendered too cumbersome to deal with.
If crypto currency becomes illegal for retailers to use then there is no one to buy from no matter how many bitcoins you have.
If you cannot walk into Walmart and buy something with your crypto currency then it is of limited value.
Perhaps one might move to Singapore or some such place and redeem their bitcoins and retire in luxury...but how many people want to move to Singapore?
Almost more than seeing Schwartz Gëorgi in jail or being ‘hung by the neck until dead’, I would LOVE to see soi bois Jerk Dorsey, Mark Suckerberg, SoB Pichai, et al., in jail, or being fitted for ‘hemp neckties’.
you are correct in everything you posted.
After seeing what the ‘digital world’ has done in the way of cutting off communications; digital currency is the last thing I want to own.
there’s lots of ways to easily convert crypto to dollars, and there are cards which allow you to charge in dollars and the credit card company gets paid by pulling out of your crypto account
also there are now apps where you can text people crypto
the whole world is becoming far simpler, and quickly
within 5 years, people entering the word force for the first time won’t even know what a “bank” is....they will “store” everything on their phone
it’s somewhat clunky atm, to your point....but if someone is willing to learn and set up things....it’s not that big of a deal
Roger that!!! LOL
Re: Walmart...
This article doesn’t say exactly what they intend, except to “do financial services”...but, to your point, it seems like Walmart is aware that this whole space is part of their future, and if they need to figure out a way to have shoppers pay with crypto, then they are taking steps consistent with that:
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