The Federal Reserve must not issue its own digital currency – at...



The Federal Reserve must not issue its own digital currency – at least according to Dr. Rodney J. Garratt, who testified before the US House Committee on Financial Services on July 18. Dr. Garratt is a Professor of Economics at University of California Santa Barbara and Director of the Center for Data Analysis at the Heritage Foundation.

The hearing, titled, “The Future of Money: Digital Currency”, hosted four witnesses who participated in a discussion regarding central bank-issued digital currencies and the worldwide implementation of cryptocurrencies.

According to Dr. Garratt, the “threat” cryptocurrencies pose to paper money is not something to be opposed. “Competitive processes should take place so that businesses and consumers can discover the best means of payment,” said Dr. Garratt. “The fact that cryptocurrency is a new option for making payments, though it is in its infant stages, should be embraced.”

Dr. Garratt went on to argue against capital gains taxes on purchases paid with cryptocurrencies. According to him, Bitcoin and other alt-coins should receive the same treatment as other forms of money. He also warned against the Fed “tilting the playing field.”

“Giving the Federal Government the power to directly take money from citizens with a few computer keystrokes in the name of some vague goal of stabilizing the economy simply amounts to the death of freedom,” said Dr. Garratt. “[It] is a terrible idea, and it is Congress’ duty to protect Americans from those sorts of tyrannical acts.”
•
[Follow: @cryptonews94 ]
•
#blockchain #technology #coin #coinmarketcap #hodl #cryptocurrency #cryptonews94 #crypto #altcoins #altcoin #news #post #follow #bitcoin #btc #tax



from CryptoNews https://ift.tt/2LySrNl
via IFTTT

Kommentare

Kommentar veröffentlichen

Beliebte Posts aus diesem Blog

Fed Chair Jerome Powell Endorses Ethereum-Backed Reference Rate Project To Replace LIBOR

Bild
Jerome Powell, the current Chair of the US Federal Reserve, recently stated that an Ethereum-backed blockchain project operating as a reference rate – called AMERIBOR – could serve as a potential replacement to LIBOR. Blockchain Project To Replace LIBOR? The London Interbank Offered Rate (LIBOR) has a significant role in global finance. It’s utilized to determine numerous metrics from the interest rates that giant corporations pay for loans to the rates individual consumers pay for student loans or mortgages. However, some bankers using LIBOR reported false interest rates and ultimately manipulated the markets to boost their own profits. While this was undetected for years, when exposed, it became known as the LIBOR scandal . Since then, most world central banks have been searching for a replacement, including the Fed. While the Fed continues to support the Secured Overnight Financing Rate (SOFR) as the Alternative Reference Rates Committee’s (ARRC) preferred alternative, Powell re...
Mehr anzeigen

DBX – The Blockchain For Real World Apps Launches Official ICO

September 24th, 2018, Singapore – The technology company that’s leveraging Blockchain to build applications and businesses with transparency and control of data in its core, begins ICO. DBX made headlines this week with the announcement of their ICO launch that is expected to shake up the Blockchain ecosystem. The ICO, which is now open, intends … Continue reading DBX – The Blockchain For Real World Apps Launches Official ICO The post DBX – The Blockchain For Real World Apps Launches Official ICO appeared first on CoinSpectator Blog . from CoinSpectator Blog https://ift.tt/2N0DJyr via IFTTT
Mehr anzeigen