Joe Biden has driven the country off the rails in just over a year.
Record-high inflation is one of the many burdens facing Americans.
And fleeing Joe Biden’s economic nightmare just got a lot harder.
The establishment came up with a new way to attack people avoiding Biden’s economy.
The government has been itching to regulate the cryptocurrency market.
Bitcoin and other cryptocurrencies serve as alternatives to the U.S. dollar, which has devalued dramatically due to big government spending, as Bitcoin and other crypto currencies have gained popularity.
And the establishment has a new boogeyman it can use to push for regulation of the cryptocurrency market: Russia.
Vladimir Putin’s invasion of Ukraine has escalated to a full-scale war that grows more dangerous and expansive by the minute.
The United States and other governments are sanctioning Russia and proposing other economic and diplomatic punishments.
One of the proposals on the table is to regulate the cryptocurrency market out of fears Russia will use it to circumvent sanctions.
Yaya Fanusie, a fellow at the Center for a New American Security who has studied the effects of cryptocurrency on sanctions, explained, “The lessening of U.S. sanctions power comes from a system where these nation-states are able to do transactions without going through the global banking system.”
However, this is something the establishment has wanted to do for a while.
The New York Times reported that there “are signs that the United States is stepping up its monitoring of cryptocurrency activity” and that “the Justice Department announced that it had created a new national cryptocurrency enforcement team, a move that seemed to emphasize that federal prosecutors were paying extra attention to bad behavior among cryptocurrency users.”
Last year, the Treasury Department issued a 30-page sanctions-compliance manual that recommended cryptocurrency companies use geolocation tools to monitor the jurisdictions where trades were occurring.
And cryptocurrency industry executives were dragged before Congress to answer questions about digital currency and how it could be regulated.
Congresswoman Maxine Waters said during the hearing, “Currently, cryptocurrency markets have no overarching or centralized regulatory framework, leaving investments in the digital-asset space vulnerable to fraud, manipulation and abuse…”
The U.S. government either wants to control the cryptocurrency market or supplant it with its own “Fedcoin.”
The government having its own cryptocurrency would be a disaster.
Irresponsible spending has already devalued the dollar dramatically; the dollar has lost 84% of its purchasing power since Richard Nixon took the U.S. off the gold standard in 1971.
It would get worse with some sort of Fedcoin, and dispersal of U.S. digital currency could be contingent on certain behaviors, similar to the social credit system already in place in China.
But one thing is clear, governments don’t like sound, stable currencies that limit their ability to inflate money with massive deficit spending.
And they really don’t like it when they don’t know what people are doing with their money.
Stay tuned to Unmuzzled News for any updates to this ongoing story.