New restrictions on the use of cryptocurrencies in the USA

The US government has plans to introduce additional restrictions on the use of bitcoin and other digital currencies. I believe that the legal framework for regulating cryptocurrencies in this country is at the highest level, there are a number of reasons for this. Silicon Valley relies heavily on Bitcoin. Well-known companies have been investing in crypto business since the beginning of its development. Also, bitcoins are supported and invested by many famous people. The United States is the world leader in cryptocurrency cashing out.

In the United States, the possibility of launching a digital dollar was also considered. But, in my opinion, this process is possible only after the government conducts a thorough study of the issue. The American government will need to analyze the probability of risks of such an innovation, consider options for using the cryptocurrency in the United States, and explore the potential opportunities and benefits for society.

It will also be important to work on laws to regulate the use of digital money. I agree with the opinion of experts in the field of economics, who argue that the use of the digital dollar can have a positive impact on the economic situation in the country in the context of a pandemic. But at the moment, no decisions have been made on this issue and the state is in no hurry to introduce technological innovations in the financial sector.

This delay is due to concerns that Americans will constantly use the digital currency and this will cause an outflow of fiat from commercial banks. Therefore, the Congress is dealing with the issue of protection against associated risks and the introduction of restrictions on cryptocurrencies. And at the moment, the development of a procedure for regulating stablecoins, which must be controlled according to the same standards that exist for classic payment systems, comes to the fore.

Key points in the new restrictions

The Government of America has created expert groups that are considering the issue of control over the cryptocurrency in order to counter ransomware. Experts recommend introducing strict tracking of bitcoin and other digital currencies. I think that the implementation of these recommendations will expand the regulations regarding cryptocurrency exchanges, which will bring them to the typical standards for financial companies.

Recently, the government has adopted regulations to help combat money laundering. This regulation requires that people making transfers of funds over $ 3,000 must be authenticated.

The new recommendations are aimed at countering anonymous cryptocurrency transactions. However, these restrictions on cryptocurrencies in the United States may require confirmation from Congress.

The key points of the new regulations are:

  • the use of KYC standards during cryptocurrency exchange transactions,
  • a new level of requirements for companies working with digital currencies, the complication of the process of obtaining licenses for monetary transactions and the tightening of anti-money laundering rules.

These regulations can stop the process of passing illegally mined BTC on regulated exchanges. The recommendations are made in accordance with the regulations of last year, which were announced in the Network for Combating Financial Crimes. These regulations require exchanges to receive and store data about clients who make transfers of more than $ 3,000 per day to personal cryptocurrency wallets. This proposal was criticized.

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