The US Congress considered recognizing Bitcoin

nnnIn recent weeks, the price of Bitcoin once again ushered in a surge, and its bifurcation price of Bitcoin cash also surged 40% on Friday. This is attracting more attention from the Washington Capitol, according to sources, the current three members of Congress are considering the law to protect certain digital money from government intervention, while preventing these currencies by terrorists, drug traffickers and other Engaged in illegal business activities. In view of the sensitivity of the problem and the complexity of the solution, the problem is still being studied, the specific details are not disclosed, but plans to launch the bill this fall.n
nnTranslation: Clovern
nFriday afternoon, the value of digital currency bitcoin “Bitcoin cash” soared 40%, reaching $ 655. The value of this unstable currency has also attracted more attention in Washington, but most of the Washington government has ignored the currency awareness of the upgrade. According to Daily Caller (D.C.), three members of Congress are currently working on legislation to protect certain digital currencies from government intervention.n
nAccording to the D.C. from the congress building sources there, several congressmen are considering compliance with the digital currency AML Bitcoin’s compliance capabilities. Bitcoin is the most well-known digital currency (or encrypted currency), its price has risen sharply in the past few weeks. Business Insider reported this week that the value of a single bitcoin has now reached $ 4,400, and “since the beginning of 2017 since the price of Bitcoar has risen more than 300%.”n
nAlthough Bitcoin is very valuable, there is still much controversy about Bitcoin. The New York Post reported in August that a young British model was auctioned on the Darkline with a quota of $ 353,000, because the digital currency could not be tracked.n
nThe law currently being enacted by parliamentarians is to provide protection for these currencies so that they can be prevented from being used by terrorists, drug traffickers and other persons engaged in illegal business activities when they meet certain minimum conditions. The plan will break the shadow of the digital currency, which is expected to be supported by Liberalist congressmen, but will also face opposition from Treasury officials who do not want the dollar to compete.n
nSince the discussion began until the adjournment of Congress in August, the legislation was being drafted and reviewed during the parliamentary recession. In view of the sensitivity of the problem and the complexity of the solution, the three senior officials who studied the issue asked not to confirm the message.n
nA source close to the plan told TheDC that at least one Senate Republican and two House Republican lawmakers were studying the legislation and intended to legislate this fall.n
nA source familiar with the program said to TheDC:n
nn”The core of the program is to make the digital money in the mainstream, so as to be able to enjoy the same treatment as the dollar.First of all, is considering the issue of new digital currency of the new entity, but the digital currency is different from other currencies in circulation, will meet the anti-money laundering law.”n
nnAlthough cash also has the same problem for illegal payments, the idea that digital money will be used in illegal activities is considered to be a major obstacle to the full acceptance of digital money by the American public.n
nThe source told TheDC that the new model will follow the federal law to prevent money laundering. This is a breakthrough, but also may use the digital currency instead of the dollar for many transactions. The bill is expected to be launched in early September.n
nThe source asked Members not to be publicly involved in the drafting of the bill and explained:n
nn”This is a very complicated problem, and the staff is studying the problems that have prevented alternative currency issuance in the past.”n
nnThey continue to say:n
nn”There is a need to modify the law to protect the digital currency from the federal government, thereby ensuring that the compliance currency can be supported by value, that the currency can not be regarded as securities or investment, and that the transfer of funds is also exempt from taxation, and most importantly, Eliminate all obstacles to the realization of vibrant digital currency, and these currencies will spontaneously prevent criminals from using them.n

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