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Do you think USA should have supported cryptocurrency by now?

  • Thread starter Thread starter Heatman
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Heatman

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In my opinion, the reason why cryptocurrency haven't seen worldwide support and legitimacy is still because the United States of America is yet to support the cryptocurrency.

United States of America being a world power have a big influence in the world and with that backing cryptocurrency, it will be easily accepted all over the world.
 
The US allows it, what more do you need? I mean, I don't think the US government will support it in their own way, but they will allow people to mine it and partake in it however they see fit. If anything, I think the US will rather start their own cryptocurrency, so they have more control over it.
 
Most of the cryptocurrencies mining according to official data is developed in the United States, also there is no problem with you using them or trading with them within the American territory, but I don't think they want to promote them either, anyway that they want to exercise more regulation or have a little more control over them does not mean that they want to kill them or that they are not interested at all on them.
 
For the United States of America to support cryptocurrency the way you're asking for, they must have a big stake in it. This is how USA have operated for ages, if they are not in full control of anything, they won't stay in it wholeheartedly.
 
Grant said:
... US will rather start their own cryptocurrency, so they have more control over it.
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This is going to be more like what China did with cryptocurrency. They banned every other coins from being used in the country and started their own. If USA will do something like that, I'm very sure that it's going to indirectly still help cryptocurrency generally.
 
Heatman said:
This is going to be more like what China did with cryptocurrency. They banned every other coins from being used in the country and started their own. If USA will do something like that, I'm very sure that it's going to indirectly still help cryptocurrency generally.
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Well, USA, or rather the FED, is already carrying out something similar called "FEDNOW" which, although I think it is not a CBDC, is something like a new payment system that I think uses blockchain technology.
 
riberet19 said:
Well, USA, or rather the FED, is already carrying out something similar called "FEDNOW" which, although I think it is not a CBDC, is something like a new payment system that I think uses blockchain technology.
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Yeah, I'm very much aware of that with FEDNOW. The service was launched on July 20th, 2023 and it's got lots of banks and financial institutions as partners. Let's see how far it's going to go with embracing the blockchain technology.
 
Heatman said:
Yeah, I'm very much aware of that with FEDNOW. The service was launched on July 20th, 2023 and it's got lots of banks and financial institutions as partners. Let's see how far it's going to go with embracing the blockchain technology.
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Yes, many people believed that the US was going to try to make a version of the digital dollar, but I think that FEDNOW is going to be what will replace that possible hypothetical CBDC of the dollar and will act in a very similar way to what CBDCs will be, for example, like the digital euro or the digital yuan.
 
PayPal just development or launched their own stable coin. This is the first dollar backed digital currency from a major US financial institution.

This is a big breakthrough in cryptocurrency from every looks of it. US looks like they are drawing close to backing cryptocurrency.
 
Coinbase is based in the US, Coinbase is one of the world's biggest crypto exchange companies. What other proof do you need that the US is already supporting crypto? There are many businesses in the US where you can use crypto to buy products and services.
 
The cryptocurrency would have done better if it had the backing of the united States of America far back. Even without the support of united States of America, the cryptocurrency is still viable in other parts of the world..
 
stan358 said:
The cryptocurrency would have done better if it had the backing of the united States of America far back. Even without the support of united States of America, the cryptocurrency is still viable in other parts of the world..
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The USA is a big player in the world market for a lot of things. So, cryptocurrency getting their backing would have been an awes move in boosting the likeability of the crypto coins. It is sad that we have not had a USA president that will want to do this too.
 
DigitalNomad said:
Coinbase is based in the US, Coinbase is one of the world's biggest crypto exchange companies. What other proof do you need that the US is already supporting crypto? There are many businesses in the US where you can use crypto to buy products and services.
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SEC have been all over Coinbase and other leading Cryptocurrency Exchange. They have sued Coinbase this year and before, they are pressing up against Binance now. Why all that pressure on cryptocurrency if the US government is fully backing cryptocurrency?
 
Heatman said:
SEC have been all over Coinbase and other leading Cryptocurrency Exchange. They have sued Coinbase this year and before, they are pressing up against Binance now. Why all that pressure on cryptocurrency if the US government is fully backing cryptocurrency?
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That is the point. They are doing a behind the scenes work of trying to disrupt the progress that has been made in the crypto world. What is the offence of those trading in cryptocurrency is what I don't know. They should let this market be.
 
Henrywrites said:
That is the point. They are doing a behind the scenes work of trying to disrupt the progress that has been made in the crypto world. What is the offence of those trading in cryptocurrency is what I don't know. They should let this market be.
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We all know that there risks to deal with when it comes to being into cryptocurrency but they shouldn't be the one to decide for investors with their own money. They are just scared of the threat cryptocurrency is going to bring when most people choose it over their respective fiat currency.
 
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