Tuesday, June 15, 2021
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The Impact Of Cryptocurrency Adoption On Government


Cryptocurrency use is growing exponentially, and
governments may want to consider the benefits. Why are
blockchain and cryptocurrency so popular right now? Why have
business whales and finance execs invested large cash
reserves into cryptocurrency? They hope to benefit from this
colossal opportunity. Visual Capitalist, in an April 2021
article, remarks that Bitcoin, compared to other tech
companies, is the fastest asset to reach a $1 Trillion
market cap.

In
March of 2020, Bitcoin’s price was coming in at around $3K.
As of May 11, 2021, Bitcoin was $56,551.44. Per coin. And
Bitcoin is only one of over 4,000 cryptocurrencies according
to Investopedia in a January 2021 article. This growing
trend presents a new challenge for
governments.

Cryptocurrency sits on top of a
technology called blockchain. Blockchain is a database
network that supports the transfer of value in a digital
format. It is an independent system not owned by any
institution, individual, bank, or entity, (read,
government). As more cash moves into this crypto arena,
governments will lose visibility and control of their
national currency. How will that affect them?

The
Government Blockchain Association, (GBA)?s Tax Working Group
has written a Whitepaper entitled, ‘The Impact of
Cryptocurrency Adoption on Government’. This 138-page
document is the result of a full year’s worth of research
and analysis, done by a team of authors with expertise in
tax risk analysis, data, research analytics, cryptocurrency,
digital assets, business, and blockchain. This report was
not financed by any major corporation or interest group. The
authors were all volunteers and were not influenced by a
sponsor?s desired outcome. This paper was written to find an
answer to a question.

How will this monumental
transfer of fiat money into cryptocurrency affect
governments and their citizens? Be assured, it will affect
them, and the governments that understand this change can
better prepare for what is coming.

The Impact of
Cryptocurrency Adoption on Government whitepaper is
available for download
purchase.

© Scoop Media

 



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