Kentucky cryptocurrancy mining tax incentives to be passed
Kentucky to become US cryptocurrancy capital
US battles with China over Cryptocurrancy
Legislation is tipped to pass
The global battle of cryptocurrancy has hit a new political sign with the US coming in hot and heavy to claim the position over China.
In what originally emerged as a US SEC battle to prevent cryptocurrancy and mining activities has changed over the past few months. At current China has been one of the only nations where mining bitcoin has been extremely wealthy. Having the cryptocurrancy ties to the US dollar it is possible for Chines enterprises to milk the US dollar. Which in short is the Global stable coin.
China has further emerged to implement its own electronic fund or cryptocurrancy, this would allow Chinese nationals to mine bitcoin tied to US dollar and convert it to a Chinese coin that has already commenced mainstream adoption and roll out.
This has led to the US losing the upper hand and a back end entry to it's currency. The FBI originally thought bitcoin was a problem and a possible destabilisation of US treasury. However, China's move has made it impossible for US officials to ignore.
China will now have the ability to print its own cryptocurrancy and buy up Bitcoin to sell. The same economic tactic use by China with fiat is about to he rolled out in cryptocurrancy. It's dangerous for everyone.
Being a communist nation and full control over its economy all it has to do is print its own cash to buy back the Chinese cryptocurrancy. A common tactic used by China when their fiat is getting to strong or countries try to cost them out of the economy, they print more cash crashing their dollar and making it more lucrative for investors.
The legislation
You can see much of its path on the general assembly Website and the bill which includes tax incentives including certain exemptions on crypto trading making investing easier and more deregulation.
Furthermore, energy cost rebates will be provided to crypto mining firms to be more competitive with the Asian market and lure more investors to the crypto industry.
These are the first of many to come with more deregulation and support planned in the future.
can't confirm but heard on the grape vine
Talk around town is that the US reserve is in the process of near completion of their own stable coin tied to the US dollar. The hold up was security and implementation of the stable coin due to the high risk of hackers. A number of avenues were investigated and have been "unconfirmed" trials on how to ensure the stable coin remains secure and should a breach occur and a hiest how it would be handled.
The US Government hopes to out manoeuvre China and regain the financial lead whereever the nation becomes at risk. A US government backed stable coin will destroy the stable coin sector however, increase market cap by a significant amount.
Current day war
It is amazing how a simple hash starting over 10 years ago has caused two super power nations to battle it out on a new battlefield. China's gain into the US economy in what the US anticipated would fizzle out has grown into a full blown financial industry requiring urgent action from congress or the likely outcome would be another win for China and a free buy in to the US dollar.
This generation has all been focused on tech battles, from 5G to cryptocurrancy one thing is certain government process that is timely and non reactive requires a change to ensure agile and innovative approaches are implemented in order to ward off perceived and actual threats to global stabilisation.
Who would have thought that 10 years ago, bitcoin could have been a concern for global stability causing the US government to take action and dominate a sector in order to protect it's financial position and global power base.
strap up those boots
Tighten those boot straps, market cap is about to boom and don't get lost in the seas a head, I've got no idea how this will pan out but be sure, China will retaliate.