War on Cash still bigger than War on Cryptocurrency
Living in the “crypto bubble” it is easy for us to overstate the importance of cryptocurrency in the world of financial regulation. However, in the world of finance, there has been a bigger and more far-reaching war going on. That is the war in cash.
I read an article today on how there is a ‘draft legislation from Australia’s Department of Treasury has proposed a ‘payment limit of $10,000 for payments made or accepted by businesses for goods and services’ with ‘transactions equal to, or in excess of this amount would need to be made using the electronic payment system or by cheque.’
This is yet another example of the trends of governments to sideline cash transactions. The reasons are obvious. Cash transactions are hard to monitor and trace.
Given how nascent cryptocurrency is, it is no surprise to me that Australia, for now, is largely ignoring it.
In my view, when cryptocurrency does gain a critical mass of users, there will not be a one size fits all approach to regulating it. While many believe that governments will look to restrict the use of cryptocurrency, I believe the opposite will be the case.
The majority of cryptocurrencies will offer greater transparency than existing electronic digital payments. Governments will embrace this. A public blockchain will be easier to data-mine, in real-time than electronic payments currently made behind a myriad of walled gardens.
There will however be privacy-focused cryptocurrencies, that truly act like ‘digital cash.’ Like their paper equivalent, governments will do all they can to restrict the use of these; as they seek to have greater oversight of our financial lives.
Image by Mediamodifier from Pixabay
I totally agree, governments are well aware that cash is the most common medium of exchange for private transactions and are looking to erode this freedom.
Yes, you're definitely right.
However it all boils down to "when" or rather "If" truth is, the potentiality of crypto is in no doubt, but some world government isn't even giving it that chance to alley or discharge their stances on what they feel about it. They obviously have misguided reasons why. But I do believe the breaking point will be if Crypto gain a massive user base, one way or another government will need to play a part in it's legitimacy, because I do believe they "government" are the main reason why the former isn't the case. It's been a long time.
me to bitcoin
the problem with the crypto is that is very volatile, once it becomes stable will be better
Tim Draper has an interesting view on this, he looks at it the other way around. - "all the other currencies are very volatile against bitcoin because they know that this is really transforming the world."
It is fiat currency that is volatile against bitcoin, not the other way around.
Agree 100%
Blockchain technology is the future and governments understand this and its significant benefits once fully implemented. However like you say this could give them more monetary control...which up to a point is a good thing.
Beyond that is where bitcoin comes in and privacy coins as they are truly decentralized and can't be controlled by geographical governments or powers. Over time as there is a push towards more digital cash and payments more of the general public will become aware of the value of bitcoin.
Crypto will always be a hedge against such tyranny...
Which is why it’s so amusing to hear the US secretary of the treasury say that USD isn’t used by criminals. LOL. Turns out USD is used 800 times as much as BTC is!
Posted using Partiko iOS
Boom👊
I believe you hit the nail square on the head.
Many governments are moving to restrict cash transactions because they are untraceable. I personally think it’s not about crime or terrorism it’s about taxes.
A government controlled blockchain offers much better ways to track everything and provides mountains of data to mine. Thus enter Mark Zuckerberg on stage right. True privacy coins are the opposite of this and will be resisted by some governments ferociously, but embraced by others who see money in it.
It all comes down to ”Follow the money honey”.
Strong post Nanzo 💪
🙏🏻 Peace and good health to you.
Shortsegments
They will keep on finding till their last breath but they can't take away anything from bitcoin
Congratulations @nanzo-scoop!
Your post was mentioned in the Steem Hit Parade in the following category:
@nanzo-scoop You have received a 100% upvote from @botreporter because this post did not use any bidbots and you have not used bidbots in the last 30 days!
Upvoting this comment will help keep this service running.
It was great to see your post. Though crypto has been quite volatile in the past, by the recent wide range of acceptance it can be said that crypto is becoming more and more stable. With so many big giants investing around crypto, we can safely say that the stability of the market is near and according to me it will be around