They May Prohibit Large Tech Firms To Issue Their Own Cryptocurrencies In The US
US authorities are now holding a new bill, according to which large technology companies will be rejected the right to issue their own digital coins. In the US House of Representatives, they are seeking to tighten control over large technology firms that are interested in cryptocurrencies.
Here is a part of this bill:
“A large platform utility may not establish, maintain, or operate a digital asset that is intended to be widely used as medium of exchange, unit of account, store of value, or any other similar function, as defined by the Board of Governors of the Federal Reserve System.”
Note that it is clearly defined in this document, that the asset that was released using the distributed registry technology (blockchain) can be considered a cryptocurrency. The document also states that companies with an annual income of more than $25 billion relate to this category. In case of breaking these regulations, they will be fined not more than $1 million for each day of breaking.
Note that at this stage it is only a bill that may not be accepted. We will monitor events, so stay tuned to our site.
We want to remind: