When the governmental power decides to take measures against a specific group of people, whether due to ethnic characteristics, belief, condition or independence, the movement called exodus always occurs.
This movement usually takes place on the part of the affected group to guarantee or maintain their fundamental conditions intact or, in the worst case scenario, to preserve traditions and culture in some place that accepts them as they are, in order to have a chance to perpetuate their values.
Famous examples such as the Hebrew exodus, described in the holy books of two of the three major religions based on Abraham, we have the Hebrew diaspora itself, the first forced exodus documented by a government, in this case the Roman Empire.
There are also other diasporas of populations, Armenians, peoples of northern Africa, peoples, of diverse ethnic groups in the Middle East, in the Mediterranean region.
We do not want to make a value judgment here, whether historical or humanitarian. Three things always happen when people are forced to leave their place: the local economy suffers a lot and takes years to recover, the group that is forced to leave suffers a very strong emotional impact, in addition to the material, and fate of human mass displacement can cause much conflict in the fate of this group, as seen in the Balkans and Eastern Europe.
But, in the modern era, starting last year, a new type of exodus began to appear: the technological one!
China, not being the only one, but the most iconic of this type of process, was the government that, changing laws and using state force, forced the miners to resign.
This caused the first major digital diaspora: thousands of mines being sent via mail to safer mining countries.
In Europe, the same process also occurs, in lesser movement!
The problem is that, last week, with the proposal announced by the United States, more specifically by Biden, the over-taxation of the entire cryptocurrency system in that country will provoke a great new exodus!
The summary: the question of who should report tax information to the IRS. Senators agree that $28 billion in cryptocurrency taxes will help foot the bill for President Biden's new infrastructure project, and they want the cryptocurrency industry to help avoid undeclared assets.
The original proposal suggested that centralized and decentralized entities should hand over customer information to the Income Tax – although decentralized entities, such as DeFi protocols and Bitcoin miners, do not collect information from the people who use it.
Two amendments to provisions on rival assets exempt entities from proof of work and proof of participation, but one chose not to exempt other non-custodian entities from tax reporting obligations.
US cryptocurrency industry leaders fear that if Congress votes to include this amendment in Biden's infrastructure project, they will have to leave the country because they will not be able to comply with the new law.
As the London update takes place in the middle of this process, the update itself became a justification for fiscal control over currencies. The discussion now also takes place in the American antitrust law that begins to see blockchain processes as a monopoly of a specific economic group.
This update burns ETH instead of paying miners, making transaction fees more transparent and paving the way for Ethereum 2.0.
This "burning" has come under the radar of tax authorities, as it may allow certain businesses to be permanently buried, or burned.
The tracking concern is that the next-generation update to Ethereum transitions the blockchain from proof-of-work to proof-of-participation, making mining earnings even more difficult to track.
But, this investee should not only be verified as fiscal.
The US government once again attacked Huawei, in the 5G discussion, once again showed interest in anticipating the launch of the national cryptocurrency and rivals China on the issues of technological commodities, due to shortages of raw materials in the technology market!
It turns out that, as cryptocurrencies consume a lot of computer equipment, this delays this anticipation.
As can be seen, the American proposal collects money from cryptocurrencies to invest in the cryptocurrency infrastructure itself.
As a market economy, liberal and regulatory, unlike China that, by the state, forced the shutdown of mines, in the United States, mines are protected by amendments that protect private property and the right to mine.
But, the logic is that everything, in the United States, must be paid in the form of a fee in order not to become illegal.
And, in this case, the weight of the surcharge makes mining unfeasible. Not for the value of the fees but for drowning in bureaucracy those who transact in cryptocurrencies. And, understand, everyone, means from the trader at the end of the system, to the mega miner at the other end!
Makes the process unfeasible due to bureaucracy! In practice, it does the same Chinese action but using the government machine.
Another exodus ahead? In antiquity, the exdo was fruitful!
Obviously, more favorable markets would gain a lot from this change, such as El Salvador, Brazil, Dubai, Netherlands, Netherlands, Mongolia, among others.
This coming true, the future growing cryptoeconomy will make those who bet on these mines probably the new G20 economic.
For the normal investor, just instabilities!
Keep your coins in your pocket until this great definition!
