Mass Adoption News:  Crypto and Blockchain Legal Updates from the UK and USA

On this episode of....

[RDS Crypto | Jacksonville, FL |  03/12/2020] 

While the world markets cringle in turmoil and contract rapidly, Bitcoin sees decreases in value to under $5,000 USD, and the world population gets closer to all-out panic, there have been two developments that push the world of legislatures and governments together with the world of finance and blockchain.  

1.  United Kingdom's Bank of England says that it's time to kick fiat.  

Today, The Bank of England, has formally issued a discussion paper on digital currency.  In this remarkable paper, the framework is laid for the United Kingdom to roll-out its own blockchain-based digital currency.  While a cryptocurrency in feature, this will be a government-backed digital asset (or a central bank digital currency or CBDC), meaning that it will be, by its very nature, centralized and controlled by the same banksters that control the current global financial markets.  

While this is great news for the idea of mass adoption, it is terrible news for those of who want a world where control of our currency is taken out of the hands of those who have enslaved us with debt for the last 150 years.  

I have said for years that the magic of blockchain will disappear when governments begin to issue the asset.  Once the government essentially nationalizes the blockchain, the sheer power of blockchain technology itself will be used against us in a massive surveillance operation that Edward Snowden himself couldn't dream of.  Some may call that FUD.  I do not.  Instead, I call is a fair warning, given the past performances undertaken at any time that world governments have previously wrested control of the nations wealth from the people.  

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2. South Carolina Legislature Recognizes the Potential of Blockchain Technology. 

The South Carolina Senate introduced the Crypto-Currency Act of 2020 in its state house, followed the announcement of a resolution in which they recognize the future potential of blockchain and the need to get involved now.  

This act aims to provide innovation for businesses in the state of South Carolina, and specifically uses language in which its intent is for South Carolina "to become the capital for the real-world application of the emerging technology of blockchain.

Realistically, there is going to be some crossover between blockchain and a central government.  I get it.  Even the purest decentralists among us must realize that it is just pure fantasy for us to think we can keep government out of the boat altogether.  Instead, we can push for ventures where governments fund projects with public funds and at the direction of the public (through referendums or other real-world consensus mechanism).  

So, why is the South Carolina bill better for the more libertarian of us than the news out of the United Kingdom?  

It's very, very simple. 

The UK paper works out the framework for the issuance of a UK-wide CBDC, issued by the Central Bank of England.  

The South Carolina measures aim to bring private blockchain ventures into the state to create what they hope becomes the "Silicon Valley of Blockchain."  

The South Carolina measures aim to better lives for citizens by bringing investment dollars and jobs into the state while the UK paper is about imposing mandatory centralized blockchain upon the public.  

One is oppressive by its very nature and the other at least presumes to be about the good of the people.  

We'll see, though.  I'd just as soon they all stay out and let us be.  But they will not, and we know it.  

Stay Healthy, Everyone!