In order to protect cryptocurrencies against government, three members of the US Congress are now working on legislation – Sources Revealed.
Aims of Congress members
The key focus of several congress members are compliant capabilities of AML Bitcoins. It bring cryptocurrencies a better alternative to the US dollar. This could be achieved via support from libertarian congress members and opposition from treasury offices. (These are those who don’t expect dollar to get into competition).
As reported, one republican member of Senate and 2 Republican congressmen are looking and working on the draft legislation. Furthermore, it also involves 3 lawmakers (that should not be revealed due to the proposal’s nature).
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The source says; Digital currencies are the mainstream that has to be treated as similar as US dollar and this should be a notable goal. & where the entity concerning issuance of digital currency “compliant with anti-money laundering laws” it says.
“The center piece of the plan is to mainstream digital currency so it can be treated just like the American dollar. First, there is a new entity that is considering issuing a brand new digital currency. It is compliant with anti-money laundering laws unlike any other in circulation.”
However, the legislation will go live in early September (as expected). & might derive digital coins replacing the dollars in massive transactions. Furthermore, the bill mark as protection from harassment of the federal government & defend transactions utilizing currencies against taxation Moreover, making certify that the currencies will not alone be consider as a form of security and investment.