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US May Bar Store Tech Firm From Issuing Cryptocurrencies



Lawmakers in the United States are discussing a bill that attempts to prevent major technology institutions in the country from issuing cryptographic curves.

According to a report by Reuters on Monday and a copy of the draft circulating on the web, US police officers are looking to increase control over large businesses interested in cryptographic curves.

In the section "Prohibition related to crypto inverters", the draft is billed, "Keep big technical of the Finance Law":

"A large platform tool cannot establish, maintain or operate a digital resource intended to be widely used as a means of exchange, unit of account, value or other similar function, as defined by the Board of the Federal Reserve System. "

The bill specifically defines a digital resource as" an asset that is issued and transmitted using distributed leads or blockchain technology, including s o-called & # 39; virtual currencies & # 39 ;, & # 39; coins & # 39; and & # 39; tokens. & # 39; "

It further clarifies any large tech firm with over $ 25 billion in Global annual revenue may fall into this category and any breach of the proposed regulation should be subject to fines of "no more than $ 1

million per day for such violation."

While the bill is still in a draft draft and not formally filed, the news comes just a few weeks after Facebook announced a plan for issuing Libra cryptocurrency on a blockchain. The company has ordered $ 55 billion in its global revenue for 2018.

Worldwide regulators have since voted on concerns about how Facebook's plan can remain compatible with key banking regulations around the world.

Last week, US President Donald Trump made his First Comment on Crypto Accounts via a series of tweets, criticizing the Facebook Libra project, "had little standing or reliability."

Libra image via Shutterstock


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