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Hello my friends !Today we would talk about an important issue , which is , Can the US government replace the dollar with Bitcoin !! ? We know if this happens , the Bitcoin price will rise staggeringly ! Also , the price of the Dollar will become very low ! Do you think this could happen !!?
source: https://www.theverge.com/2020/12/22/22195834/cryptocurrency-fincen-regulations-private-wallets The cryptocurrency world has survived quite a lot over the years despite major setbacks: natural, man-made, or othewise. But it looks like the US government isn't finished yet. They have introduced yet another proposed regulation against crypto, and they picked the perfect timing for it: the Yuletide season. The regulation in question has something to do about your cryptocurrency wallets. Basically, it means that if you happen to send a large amount of money via crypto exchanges, you will be asked for KYC requirements, and here's the kicker: the US government can ask those exchanges to hand over your information. US-based exchanges naturally filed a complaint on this, especially given that counterarguments to the proposal may be limited due to the long holidays. I don't know about the other exchanges outside of US jurisdiction, but if the other countries follow the US' lead, then this might spell trouble for the whole crypto community. If this regulation becomes the norm for existing cryptocurrency exchanges everywhere, then what the article said, "... make cryptocurrency exchanges act a lot more like banks" will become true. For regular traders dealing with large amounts of crypto coins, they should ask: "Where's the convenience in that?" Despite the news (the article was written in Dec. 22, 3 days ago BTW), its effect on the Bitcoin bullrun is neglible, with BTC still going strong at the ~$23,000 range. But things might change if this US proposal goes through uncontested, thanks in part by announcing it during Xmas.