NEW REGULATIONS FOR TRANSACTIONS WITH CRYPTOCURRENCIES IN THE UNITED STATES 73908 1 - NEW REGULATIONS FOR TRANSACTIONS WITH CRYPTOCURRENCIES IN THE UNITED STATES
July 12, 2022

The complex situation the United States is going through is leading a set of traditional and digital assets to experience drastic movements on how to trade Bitcoin online and has undoubtedly caused havoc among their investors.

Cryptocurrencies in the United States represent one of the sources of income that many have adopted after the various crises that this world power has gone through.

The adoption of Bitcoin and other digital currencies has increased significantly by individuals and many companies that want to diversify their investments and try to store value in this type of digital asset.

Relationship between the US and cryptocurrencies

It has been 13 years since Bitcoin was created as a financial instrument that came to facilitate money transactions, without the need to use third parties or intermediaries such as banks, but rather the use of a platform known as the blockchain.

What was born as a project for the future has been adopted massively in many countries around the world, but what is more interesting is that the United States is among the first countries whose use and management are pretty high.

The exciting thing about these digital assets is that they transcend beyond the use and tradability of money; as such, people, corporations, and even countries are using these to diversify investment portfolios and store value in a completely different asset to the traditional ones.

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The relationship between individuals and cryptocurrencies has developed naturally, where continuous learning about the technology supporting them is fundamental to executing safe and transparent operations.

Although for the North American state, it is not as good as living with cryptocurrencies, it is beginning to evaluate various ways of being able to regulate cryptographic operations, which would mean the intervention of an entity or third party in the process of these financial instruments.

The mass adoption of Bitcoin is a challenge for the US

Analysts and specialists in economics and finance often suggest that digital currencies are here to stay since they offer their users the possibility of investing from a 100% technological perspective, but that it applies to any sector such as Real Estate, Art through NFTs, traditional commerce among many more.

The adoption of cryptocurrencies has surpassed the positions of many who have even gone so far as to suggest that this has been faster and greater than the adoption of the Internet itself and other new technologies.

Although the language of cryptocurrencies and the concepts it handles are usually a new and innovative topic, for many, it has been easy to adapt and see the positive and careful aspects that this Blockchain-based technology offers for the world of investments, each becoming digitized faster.

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Cryptocurrency users have shown that they are comfortable with Blockchain technology since transfers can be made quickly, safely, and without intermediaries from anywhere in the world, an aspect that is costly and complex for traditional banking.

Responsible Financial Innovation Bill

When a Bill is created, it is necessary to recognize that these are usually sketches of what could become law because they are imperfect and are subject to modifications according to the discussions generated around it.

One of the aspects discussed in this bill to regulate cryptocurrencies in the United States is the evaluation of digital assets to determine which entity should control them, that is, as financial or commodities.

This type of proposal aims to keep users of cryptocurrencies in a traditional financial scheme, where operations are controlled by banking entities, canceling their decentralized nature.

It offers a controlled ecosystem that, in a certain way, could attract people who want to invest in cryptocurrencies with greater confidence, in addition to generating a set of rules for the taxation of income obtained from cryptocurrency exchange concepts.

Conclusion

The US government is perhaps going through one of the highest and most complex inflationary stages in its history, which has undoubtedly affected the valuation of digital currencies, leading them to hit a considerably low floor.

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All this drives the fact that the United States has been characterized as having the lead in adopting technologies that contribute to the protection of financial investments, an aspect that digital currencies may not yet have covered but that the United States wants to control.

Given their decentralized nature, it is when cryptocurrencies demonstrate behavior that is both reluctant in the face of the control intended to be exercised. Still, it is a market open to any proposal that always benefits the parties.

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