The Parlament of Japan passed Friday, the 3rd of June a new regulation bill about the stablecoins after the scandal of Terra and the UST collapse. It is said as to "protect the citizens" and from money laundering. As if money laundering had never existed with dollars or yen banknotes....A Study has already shown that only around 5% of the cases use of cryptocurrencies are related with criminality.
Anyway, stablecoins will only be minted by official banks with a licence with this bill.
Let's be clear, yeah some regulations may be necessary in the crypto space which is still quite a jungle. But we are not children needed to be taken by the hand/ Behind this seek of protection, it's a way to protect the lobby of the banks and the traditional current financial system.
In the USA and European Union, there is the same risk to use the pretext of the UST collapse in order to pass bills restricting instead of regulating, cryptos. The example of the Bill at New York establishing a moratorium on any cryptocurrency mining during 2 years is clear.
For our own safety because we are not adults, they could restrict the use and possession of USDT and even Bitcoin. There is absolutely no links with the necessity to promote a State low tech totalitarian digital euro (or dollar) and to destroy any competing private digital currrency...
For our own sake is actually the kind of explanations often used by the Soviet Union to increase always more the ways of controls. The Western countries and including others like Japan and maybe South Korea, are less and less defending capitalism , free market and even freedom.
A free market would allow us as responsible and adults (we are enough for voting for them, or not, by a coincidence) to choose between a good and a bad tech. Many projects are innovative, made answers to the Bitcoin weakness or improved the blockchain with their own protocol. We should be free to choose those opportunities instead of basic state Digital Central Bank Currencies.
Some progresses could be made with the Justice, the Courts, to pursue those who ran away with all the cash.
This is the very specific way and model European countries and the USA have exported, this is what we should preserve : our freedom of choice must be respected as a part of our financial freedom. Like many other aspects and fields of freedom...
Breizh Cryptos.
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