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Friday, 1 December 2017

US Casts Eyes On Bitcoin

Bitcoin lovers in the US may have more stringent battles to fight in the days ahead as US regulatory agencies have begun to take a more serious look at cryptocurrencies and their use, and officials are becoming more cynical.

The Internal Revenue service has been granted permission to review coin base accounts for transactions of $20,000 or more from 2013-2016.

The Federal reserve has also shown that it is contemplating it's own cryptocurrency. But launching the idea is a different story.

The President of Fed's New York Branch,William Dulley says he believes cryptocurrencies are more of a speculative activity.

When asked by a reporter if Bitcoin activity is followed by the President,  Donald Trump's press secretary said

"The [Bitcoin situation] is something
that is being ‘monitored’ by our team
— Homeland Security is involved. I know
it’s something that he’s [Trump]
keeping an eye on — And we’ll keep you
posted when we have anything further
on it."

READ ALSO: Muslims Should Not Buy Bitcoin: Turkey Religious Ministry

The US Federal Reserve Vice Chairman, Randal Quarles also stated that the currency poses a threat to financial stability.

“Risk management can act as a mitigant, but if
the central asset in a payment system cannot be
predictably redeemed for the U.S. dollar at a
stable exchange rate in times of adversity, the
resulting price risk and potential liquidity and
credit risk pose a large challenge for the system,”
explains Quarles during the Fed’s conference

What do you think about the US government's stand on Cryptos? Does the issue worry you?
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