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Let’s talk about the role of governments in crypto currency.
Without a doubt, governments actions affect how or why crypto is adopted by its citizens.
The very reason Bitcoin was brought into existence was in many ways a philosophical response to how governments have control over the rules of their countries respective currencies. Whether a government has chosen to be encouraging of the use of cryptos as a way to achieve their goals of being a cashless society like in Denmark, or if a government is actively enforcing capital controls like in Buenos Aires, governments have a very real way of motivating people to explore their options for storing or transferring their monetary worth, and this is leading them to cryptocurrency.
The reason I wanted to speak on this subject today is because of the recent news regarding the new Bill introduced by the US senate that would require all travelers entering the country to declare any holding of crypto that exceeds $10,000. It has only been introduced, has not been passed. But if it is passed, that will mean if you travel with your hardware wallets and they are storing more than $10,000 or more worth of cryptocurrencies you’ll need to declare it or else suffer the consequences of “smuggling” money.
Now I’m not sure how this wouldn’t also lead to the eventual inclusion of having to report your entire bank account since we can access those with our debit and credit cards, but I’ll leave that little thought nugget here for you all to ponder.
Now let’s consider how certain regulations affect the growth of blockchain based and crypto based companies in that area. In New York for example, a city known as being a dominant financial hub and home to Wall Street, is one of the U.S. cities that has relatively strict regulations on cryptocurrencies with the implementation of Bitlicense. New York was once home to the online crypto exchanges Kraken and Bitfinex but the restricting regulations have since led these companies to relocate to the more crypto friendly state of California.
It sure is interesting to see which cities and countries are handling this new wild west of cryptos. Some want to try and control it and tax it as much as possible, which might very well end up like a kid trying to hold a wet bar of soap- the more you try to hold on to it the more it will slip away. Like in New York, it’s regulations have already driven out a few companies while others put up with the extra red tape for the sake of having businesses in the financial capital of the world.
Much like how early investors of crypto have reaped the benefits of getting in early, the US states and other countries that choose to facilitate crypto based companies I believe will have the chance to improve their economies.
Bitcoin and now other cryptocurrencies allow us to explore options for borderless, freedom-based, wealth transfer.
At the heart of cryptocurrency, despite the potential for making money, is very much a philosophical ideal of monetary freedom. They are a reminder that human beings are capable of self-governance and that a free market will promote innovation. It’s a breath of fresh air for those already knee-deep in libertarianism and it’s a wake up call for those who believe that governments will always be needed for nearly every aspect of life.