The British economic and financial historian, Niall Ferguson Said United States Must Find Its Own Way To Adopt Cryptocurrencies Instead Of “Building” [sus] China’s own versions of electronic payment systems. “
In a Bloomberg op-ed, Ferguson said on Sunday that the current pandemic has generally been good for cryptocurrency adoption, Accelerating a “currency revolution” around the world. However, the historian noted this China has moved “fast” with the introduction of its digital yuan and the increased use of mobile payments. Apps like Alipay and WeChat Pay process transactions worth around $ 40 billion annually.
The historian thinks so These measures by China serve as a model for other countries developing cross-border payment systems and remittance payments. However, he advised the United States against:
“Even governments like India that oppose Chinese financial penetration are essentially building their own versions of China’s electronic payment systems.” Said Ferguson. “Rather than attempting to create a Chinese-style digital dollar, Joe Biden’s emerging government should see the benefits of incorporating Bitcoin into the US financial system.”
Ferguson added that the US authorities already have methods for dealing with law enforcement around Bitcoin (BTC). The Internal Revenue Service is now requiring individuals to provide a statement on their cryptocurrency holdings on their returns and they can locate Coinbase users who are not compliant with tax and reporting requirements. Next to the The Federal Bureau of Investigation has set its eyes in cases of money laundering in which cryptocurrencies are used.
“The point is simply that the financial data of law-abiding individuals is better protected with Bitcoin than with Alipay,” said the historian.
The president-elect’s personal views on cryptocurrencies, central bank digital currencies, and Bitcoin are unknownHowever, there are signs that his administration’s staff could help move cryptocurrencies towards a friendlier legal framework in the US. For example, Biden can choose to the former President of the Commodity Futures Trading Commission, Gary Gensler, To be your Undersecretary of State for the Treasury.