Among the members of the American legislative institution, there’s disagreement on how to crypto-currencies face. Specifically, a member is positioned in a radical and calls for a ban on Mining and crypto-trading. One of the invited experts, contrary to the however, and brings to the Congress a number of good arguments.
The Finance Committee of the US Congress had on Wednesday, some Controversy. On the Agenda of the meeting, the topic of “The future of money: Digital currencies”. While it is gratifying that the American lawmakers have to deal increasingly with crypto-currencies, shows the meeting, however, that it is yet currencies have a long way to the understanding of Crypto.
Brad Sherman: Bitcoin trading and Bitcoin Mining in the United States prohibit
The democratic deputies from the state of California railed particularly against crypto-currencies. He even went so far as to want US citizens forbid, to buy crypto currencies or mine.
“The Mining alone consumes electricity that is withdrawn from other purposes, and the CO2-footprint of the country increases. As a medium of exchange, the cryptocurrency is doing nothing to make it easier other than drug trafficking, terrorism and tax evasion.“
so Sherman’s damning verdict.
Instead, the Deputy is as an Advocate for national currencies, he wants to protect ahead of the competition by Bitcoin:
“The Blockchain is a good technology, but they can also be used in conjunction with the national currencies used. Crypto nothing, what state currencies, not currencies. The US Dollar is crucial for the strength of the United States in the world. Without the US Dollar, we could have Iran to the negotiating table to force.“
The expert speaks: Good reasons for crypto-currencies
In contrast, the statements of Norbert Michel, the Director of the center for data analysis, the conservative American think tank Heritage Foundation. He was part of a team of invited guests, should bring Expertise in the round the members. Michel, to promote the Blockchain technology and its applications, and not slowing down.
“Yes, it is true that Criminals have used Bitcoin. Criminals have also used planes, computers and cars. We should, none of these instruments criminalize just because Criminals use them“,
so Michel to the accusations against Bitcoin.
Also on the currency market competition, could revive the business. The government should, therefore, treat all currencies the same, and the citizens leave the decision up to you, how would you pay your bills.
“This means that no particular form of money may be given to a legal advantage, and that all legal obstacles to the use of alternative forms of Money should be eliminate. The abolition of capital income taxes from purchases with alternate currencies, including crypto-currencies and foreign currencies, would be an important step“
Zentralbankencoin not a good idea
In addition, Norbert Michel is against the idea of a Central Bank issued crypto-currency. The great advantage of crypto its decentralization is currencies. This was due to the dependency of a state-controlled Central Bank will be lost. In order to give back to the state the full monopoly over the currency market – at the expense of the economic freedom of the Individual.