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Isn't crypto a direct threat to their power? If finance can't be tracked it can't be taxed. If it's mainstream more and more people could potentially switch to crypto, which would reduce their tax collections. Just theorizing. I have no idea if this would happen.
BTC can be tracked better than cash
Obviously HN community is down on crypto. This exemption is a sign that Bitcoin is getting closer to the mainstream of finance. Like most flanker-moves, Governments should be incorporating it in to their tax policies rather than shunning it. Cannabis is a good proxy, states can keep it illegal and not make tax revenue or they can legalize it, control it and tax it. The feds should do the same. Same for crypto, keepin…
I think it’s more a sign that crypto is mainstream finance now. Specifically, the type that has enough money sloshing around at the top to warrant lobbying efforts and mingling with the finances of regulators.
> Same for crypto, keeping it on the fringes will only help illegal enterprises and rogue nations use it to bypass sanctions.
None of this has any impact at all on whether or not crypto is used for illicit purposes in other locations. Crypto is also already taxed and legal, so the comparison to cannabis doesn’t make sense either.
Obviously HN community is down on crypto. This exemption is a sign that Bitcoin is getting closer to the mainstream of finance. Like most flanker-moves, Governments should be incorporating it in to their tax policies rather than shunning it. Cannabis is a good proxy, states can keep it illegal and not make tax revenue or they can legalize it, control it and tax it. The feds should do the same. Same for crypto, keepin…
This will earn you downvotes because it is a childish sentiment of HN.
Many on HN dislike crypto in its current form of lawlessness. Regulation like this is a positive step for the ecosystem. Cryptos will still have to prove their value outside of finance to become more accepted by HN.
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BTC can be tracked better than cash
Sure, if you don't use mixers
Money laundering (aka, pooling cash together to make it harder to track) is defacto illegal by itself, even if you use the money for legitimate purposes.
That would be a really horrible outcome because Bitcoin is by far the most outdated and least useful cryptocurrency.
Obviously HN community is down on crypto. This exemption is a sign that Bitcoin is getting closer to the mainstream of finance. Like most flanker-moves, Governments should be incorporating it in to their tax policies rather than shunning it. Cannabis is a good proxy, states can keep it illegal and not make tax revenue or they can legalize it, control it and tax it. The feds should do the same. Same for crypto, keepin…
Isn't crypto a direct threat to their power? If finance can't be tracked it can't be taxed. If it's mainstream more and more people could potentially switch to crypto, which would reduce their tax collections. Just theorizing. I have no idea if this would happen.
Now you have congressmen with laser eyes on 100k bitcoin twitter profile pics, the head of SEC taught classes about blockchain at MIT; it is way too late.
The smart thing is to embrace it, the complete opposite of the Chinese government course of action. You set back the entire nation by not embracing innovation.
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Interesting, I’ll have to research that. It seems like something that would take a long time to deploy.
It's been in the works for years. https://www.pymnts.com/news/faster-payments/2021/five-banks-... https://corpgov.law.harvard.edu/2020/08/31/fednow-the-federa...