7 Questions For The Crypto Experts--An American Government Accepted CryptoCurrency
Several nations are desperately seeking to enter the crypto game. Japan, China, Russia, etc are all putting crypto into their legally accepted banking systems. Some are looking into actually creating a state owned crypto--China for example.
My questions which I am desperately trying to find answers to, answers which I hope my Steem friends can assist in providing, should come from you the readers in the comment section below which I will utilize and credit each of you for a follow-up piece....
Can the United States actually create its own federally accepted cryptocurrency?
Could the United States create a cryptocurrency without the interference of the Federal Reserve (which really isn't Federal nor is a it a true reserve)
What would be the greatest pro for the United States to create this cryptocurrency (for the government)
What would be the greatest pro for the United States to create this cryptocurrency (for the people)
What are the cons for the government in creating this currency?
What are the cons for the people in creating this currency?
Do you foresee the United States catching on to what other nations are doing in turn eventually creating its own Cryptocurrency?
Seriously, I would love max participation on this with comments. No need to upvote this. Your resteem and comments are way more valuable to me than any upvotes.
Interesting Idea.
Arguably, the US dollar is a crypto-currency.
Although they print bills:
I don't think the gov't would truly want the transparency for federal spending, the general public would be outraged at the waste.
With fiat, if employers don't declare the money that an employee makes, the gov't can not tax it. The same would be true with a cryptocurrency.
If the gov't went with a blockchain/crypto approach, the number of public servant employees that would get laid off would be astronomical, unemployment would increase drastically.
affected.
Thanks for posting it is a large set of questions you have there! I think any country looking to do this would have both good and bad. I think the main worry has to do with cryptocurrencies and government wanting to "print more" and who would have access. Key selling point is money can be tracked at all times including government spending so much more transparency.
I think that pro of transparency may actually be a con as well...a double edged sword if you will. Sometimes, governments do not want transparency with their finances--especially for "national security" reasons...
Really, I just wonder what the true value is for a nation to turn to crypto....I think if transparency is the big catch, it will not be big enough to get nation's like the USA to catch on...it must me something much greater....but what that is, I do not know.
Nice
I got one picture 4 you (the front page of The Economist-1988 notice the 10 Phoenix coin withe the 2018 printed on it...I made a small post about it some days ago :))) So the answer to all your question is YES! the U.S wants to be the only power controlling the new currency for its agenda of world domination. Iran and North Korea are the only countries outside the western banking system and so they must join or perish. Once they are in, by war or agreements, then NWO is set on the ground and the rise of the PHOENIX will witness the fall of national currencies, in other words, world domination complete! (of course, we all know, what the implications are going to be for such a "yuuuuuge" change)
Hello sir, I would assert that:
A United States fiat crypto currency on a floating exchange would be in violation of U.S. Constitution Article 1 Section 8 "To coin Money, regulate the Value thereof, and of foreign Coin, and fix the Standard of Weights and Measures;"
The existence of Federal Reserve System is not unlawful, but the 'independent organization' authority of regulation of the FRN + the legislatures failure to mint sufficient constitutional money and force the FRN to peg to it (lawful money) instead of the other way around, is unlawful and in violation of the above part of Article 1 Section 8.
There is a legal path of remedy open to have the lawful United States Dollar separated from the Federal Reserve Note, and bring back sound money to the land.
The legislature can lawfully designate a 'foreign' cryptocurrency as legal tender.
Any commodity backed crypto currency would be a good thing in the long term but would pose an enormous threat to the safety and well being of the American people in the short term.
Great input!!! Thank you for commenting!