ANDREW YANG ON CRYPTO
In an interview with Bloomberg spokesman Joe Weisenthal on Wednesday, Democratic presidential candidate Andrew Young presented his views on the current state of the cryptocurrency industry in the country.
Entrepreneur and philanthropist Yang was first asked what his position was to regulate and allow people to use their bank accounts and credit cards when moving to cryptocurrency and other forms of money that are easily tracked by centralized authorities.
“We need to have a uniform set of rules and regulations around cryptocurrency use nationwide because right now we’re stuck with this hodgepodge of state by state treatment and its bad for everybody,”
He added that his priority will be to have clear and transparent rules so that everyone knows where he can turn in the future before pointing to the main cryptocurrency technology, which has great potential in which we (the USA) should invest.
Weisenthal then asked if he supported the idea of free money for people who want to withdraw money from the banking system.
He said that people are already investing in cryptocurrency and should not be limited by the rules, even if they (the government) are trying.
The conversation turned to other topics, such as the Chinese coronavirus, but the cryptocurrency segment was very pronounced, and Yang is a clear supporter of the industry.
His approach is a refreshing change from the usual set of political dinosaurs and old school banking billionaires usually involved in these cases.
ANY SIGN OF THE DIGITAL DOLLAR?
When it comes to regulating the cryptocurrency industry, the United States lags behind the rest of the world. It may take months for government departments such as the SEC and CFTC to set aside simple solutions that can pave the way for many new investment products.
The central banks of the world are trying to create their own digital currency while the United States is in its hands. At a WEF meeting in Davos, former chairman of the Commodity Futures Commission Christopher Giancarlo said US dollar users “lack an analogue currency in the digital space.”
According to Jeff Schumacher, CEO of 55 Foundry, a company incubator and investor, CNBC said the digital dollar could be between 10 and 15 years old. By this time, China is already operating, and Facebook can be even more powerful than the archaic Fed.
If Andrew Yang gets in things are likely to change fast for the cryptocurrency scene in the US.