Cryptocurrency Protection: U.S. Congress Members Working on Legislation Shield
A legislation is being drafted out by currently three members of the U.S. Congress with the target to protect specific Digital Currencies from GOV interference – Based on the Daily Caller.
With the much anticipated market right now, for example Bitcoin targeting $4,500 and Bitcoin Cash increasing to near of $1,000 – according on the website:
“Various members of Congress are looking at the compliant capabilities of AML Bitcoin, in a bid to make cryptocurrencies that meet certain criteria a popular alternative to the U.S. dollar”.
This movement will be finding opposition from the Treasury officers who are not alright with dollar having competition, but in contrary with the libertarian members who are expected to be supportive for the development.
It has been reported that at least two Republican congressmen and one Republican member of Senate are Drafting the legislation.
The aim would be to mirror out the mainstream in digital currencies that could b treated like the U.S. dollar while there is an entity that wants to issue a virtual currency which is “compliant with anti-money laundering laws.”:
“The center piece of the plan is to mainstream digital currency so it can be treated just like the American dollar. First, there is a new entity that is considering issuing a brand new digital currency that is compliant with anti-money laundering laws unlike any other in circulation.”
It will be introduced in September, making it possible to use crypto currencies in many transactions and occasions. In general, it will be shielding the digital currencies from federal government interference as they should not be considered in that particular event as a form of security or investment.