Cryptocurrency Gaining Validation
We are seeing some interesting things taking place. U.S. Lawmakers are asking the IRS to put together some sensible regulations when approaching staking of cryptocurrency. In other words, try not to kill the technology.
In this video I discuss some interesting tidbits of news that came across today and show how the narrative around cryptocurrency is changing.
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I think this is the beginning and somehow connected to why the Libra project all of a sudden became quiet. Zuckerburg's becoming more of a Trump fan it even seems
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Perhaps.
Although I will say Libra ran into a lot of resistance in both Europe and India, two major markets outside the US. Then the companies that were going to run the network ran into the US government since the likes of PayPal have to answer to the regulators on other matters and didnt want to risk their existing business on Libra.
When push comes to shove, these companies look after their own self interest.
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Yea, my point is projects like Libra don't die. The resistance may have been suppressed with alliance, to me that explains the all of a sudden change in the US regulators heart.
Paypal is a Trump fan but my guess is there is potential connection with Libra there too.
Self interest sure, but at the end of the day Trump believes he'll win a 2nd term and outsmart them. A US digital currency would mean all off-shore money would have to come back in to be converted. Sorry, that's a whole other "conspiracy" but somewhat connected... digital dollar coming soon backed by Libra developers
Well the digital dollar, Trump or Biden, is a form of control that the government is going to find too tempting to resist. They will not let this opportunity pass.
As for who it is backed by, since there is no need to focus upon decentralization, it all can be run through the government without any need for anyone else. They might give a taste to the bankers but, ironically, the digital dollar is going to take a chunk out of the banking system. No need for a bank for basic banking when the digital dollar wallet will handle 90% of what people need.
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Hi - do you ever do podcast interviews? Would love to talk to you about the future of crypto. If so, what's the best email to reach you on?
Cheers
Summary:
In this video, Task discusses the growing legitimacy of the cryptocurrency industry, highlighting recent developments and changes in regulations across various countries. He talks about the United States and its approach to cryptocurrency regulation, pointing out the conflicting stances of different regulatory bodies. Task also touches on Russia's evolving attitude towards cryptocurrency, from initial bans to now considering the launch of its stablecoin. He delves into the issue of tracking down crimes committed in Bitcoin compared to Fiat currencies, challenging the mainstream narrative about Bitcoin and criminal activities. Furthermore, he mentions the increasing involvement of traditional banks in the cryptocurrency space, indicating a shift towards greater acceptance and adoption of digital assets.
Detailed Article:
Task's discussion in this video centers around the theme of legitimacy in the cryptocurrency industry. He begins by addressing the recent push from United States Congressional lawmakers urging the IRS to establish clear regulations for stablecoins. Task expresses his concern over the current regulatory environment in the US, criticizing the outdated approach of applying laws from the 1930s to a modern industry like cryptocurrency, particularly affecting DeFi, which has seen significant growth in recent times.
The transcript reflects Task's frustration with the IRS treating all cryptocurrency activities as taxable events, creating a complex reporting situation for users. He gives an example of the tax implications of simply using Bitcoin for transactions, emphasizing the convoluted nature of the current tax laws around cryptocurrencies.
Moving on, Task shifts focus to Russia's fluctuating stance on cryptocurrency, highlighting the country's contradictory policies ranging from considering bans to now exploring the creation of a state-backed stablecoin. He elaborates on Russia's strategic advantage in Bitcoin mining due to its geographical and energy resources, shedding light on the country's evolving relationship with cryptocurrencies.
Task also discusses how crimes involving Bitcoin are actually easier to track compared to traditional fiat currencies, debunking the common misconception that Bitcoin is primarily used for illegal activities. This challenges the narrative perpetuated by mainstream media and political figures, questioning their motives for spreading misinformation about Bitcoin.
Moreover, Task delves into the increasing involvement of traditional banks in the cryptocurrency space, noting the shift from initial skepticism to secret investments in digital assets. He emphasizes the significance of this trend as a marker of growing legitimacy for cryptocurrencies, despite the banks keeping their involvement low-key.
In conclusion, Task expresses optimism about the future of cryptocurrency, citing the rapid pace of industry developments and the expanding opportunities within the space. He encourages viewers to stay informed and engaged with the evolving landscape of cryptocurrencies, pointing out the multitude of positive developments and reasons for optimism within the industry.