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Father of JOBS Act: US Digital Dollar Is Inevitable, No One Wants Chinese Currency

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David Weild IV, who is known as the father of the JOBS Act, believes that the issuance of the digital dollar is imminent and that the U.S. government should hurry up with it.

In addition to garnishing bipartisan support for one of key legislations of the Obama era, Wield served as vice-chairman of NASDAQ, and currently manages his own decentralized investment bank that helps crypto and blockchain companies raise capital.

China is unpredictable

Weild does not believe that the digital yuan will generate a lot of demand outside of China because of the restrictive nature of its political system. Meanwhile, he said that the U.S. should not vacillate on the issue and preserve the global preeminence of its currency by offering it in the digital form:

“I think that the United States should do it. And I think the United States should do it sooner rather than later. But I also think that most of the world is not that interested in a Chinese digital currency, simply because it’s not a free country. It’s not predictable. And there are plenty of Chinese people that would like to get out of China because of the arbitrary nature of the government at times.”

People will pay in crypto

At the same time, he believes that there will be demand for the digital currency, as the U.S. dollar has always been a flight currency — At times of economic turmoil, international investors historically have sought shelter in the US dollar. Digital currency could also reduce transaction costs and provide additional convenience:

“You’re going to see just like people move to credit cards, people will start paying for things in crypto. Why not have an ability to go to your local bank and to be able to pay for something with a digital currency and you can cut down transaction costs? I think it’s inevitable that there will be a U.S. dollar backed stablecoin issued by the federal government.”

Nonetheless it is unlikely to happen anytime soon, according to Weild, who notes that Capitol Hill is currently preoccupied with the November presidential elections.

Source: https://cointelegraph.com/news/father-of-jobs-act-us-digital-dollar-is-inevitable-no-one-wants-chinese-currency

Blockchain

U.S. crypto exchanges have a plan for the travel rule. Now they just have to get along


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  • A working group of 25 U.S.-based exchanges released a white paper this week outlining their platform to comply with FATF’s travel rule.
  • The group includes some of the most prominent exchanges stateside, suggesting that the plan has legs.
  • Now, the group has to develop a governance structure.
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U.S. crypto exchanges have a plan for how to deal with FATF’s travel rule














Source: https://www.theblockcrypto.com/daily/82261/us-crypto-exchanges-fatf-travel-rule?utm_source=rss&utm_medium=rss

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Blockchain

Exploring the current state of cryptocurrency taxation in the European Union


Quick Take

  • By now, guidelines for  taxation of cryptocurrency activities exist in most EU member countries. However, grey areas remain.
  • Highly favorable tax treatments in some, and lack of taxation in other EU member countries enables regulatory arbitrage.
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Exploring the current state of cryptocurrency taxation in the European Union














Source: https://www.theblockcrypto.com/genesis/82157/exploring-the-current-state-of-cryptocurrency-taxation-in-the-european-union?utm_source=rss&utm_medium=rss

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Blockchain

FinCEN proposes lower threshold for transaction data-gathering under FATF’s ‘travel rule’ including those made with crypto

Proposed rule change would mandate financial institutions gather and share data on smaller international transactions by lowering the threshold from $3,000 to $250.

The post FinCEN proposes lower threshold for transaction data-gathering under FATF’s ‘travel rule’ including those made with crypto appeared first on The Block.

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FinCEN proposes lower threshold for transaction data-gathering under FATF’s ‘travel rule’ including those made with crypto














Source: https://www.theblockcrypto.com/linked/82229/fincen-proposes-lower-threshold-for-transaction-data-gathering-under-fatfs-travel-rule-including-those-made-with-crypto?utm_source=rss&utm_medium=rss

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