The Regulators' Worst Fear? | It's Only The Beginning!
US Lawmakers and regulators have a tough job. Their sole focus and job is to keep the US Dollar
as the reserve currency and superpower of the world!
Just over a year ago, House Financial Services Committee member Brad Sherman from CA went before congress to talk about the Facebook currency Libra, cryptocurrencies in general, and of course Bitcoin.
He warned Congress that these new types of assets have the potential to threaten the US dollar's dominance over the global financial system.
One of the countries that has been hit extremely hard with sanctions is Iran. Just last week, after the US Treasury Department placed new sanctions against them, they made a big move. They decided to use Bitcoin to fund imports.
The Islamic republic has become the first country in the world to adopt bitcoin at a state level for value exchange IRAN is somewhat desperate, as they have seen annual inflation of about 35% since 2018 and the value of their currency, (the Rial) has fallen dramatically.
Today there was an announcement that Venezuela will incorporate Bitcoin to its Patrias Crypto Remittance Platform. This will enable Venezuelan citizens to formally receive remittances in cryptocurrency form.
Many citizens of Venezuela that have been hit hard by hyperinflation already use bitcoin as a store of value as well as for cross-border payments. And the formal incorporation of bitcoin into the national remittances system will continue to boost the use of cryptos by Venezuelans The Venezuelan government is also following IRAN by formally recognizing and endorsing Bitcoin mining.
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