- Cryptocurrency has become a new focus in politics as the US and its allies try to isolate Russia from the global banking system by imposing sanctions for invading Ukraine. The US has been watching to see if Russia is using cryptocurrency to circumvent sanctions, and it has put pressure on cryptocurrency companies to join other industries in suspending services for Russian nationals.
- With the exception of its central bank-issued digital currency, aims to outlaw all cryptocurrency transactions in 2021, the US government intends to build a regulatory framework for digital assets.
- Both mayors are well-known for their pro-crypto agendas and public declarations that they will be paid in bitcoin.
Eric Adams of New York City and Francis Suarez of Miami explored how the United States may use blockchain technology to challenge authoritarian regimes. Mayors Francis Suarez of Miami and Eric Adams of New York City, both Bitcoin supporters, see blockchain technology as a method to enhance equality and diversity in their communities while also disrupting authoritarian governments.
A Panel Discussion At Fintech Investment
Suarez remarked during a panel discussion at fintech investment firm Inveniam’s Web 3-focused conference on Wednesday that we have a generational opportunity to outmaneuver countries like China, Russia, and other parts of the world that aim to steal our technology. States that block technologies they cannot control make a mistake, he said, adding that the United States must be ready to grab the opportunity to lead.
The event took place in Miami as the city and New York City compete to become a hub for the fast-growing digital asset industry and attract high-paying blockchain enterprises.
Blockchain technology, according to Adams, can assist address income inequality and serve as a mechanism for providing incentives to citizens. Governments may utilize blockchain technology to distribute food stamps straight to digital wallets, store public data on the blockchain, or provide a dollar-for-dollar refund for items like healthy baby food, according to him.
He also stated that he is building a blockchain and crypto instructional platform for young people and that he will give them cryptocurrency to learn about the technology.
Suarez claimed earlier in his keynote speech that the city of Miami launched a back-office concierge service to assist companies with onboarding and relocation in the city.
Both mayors are well-known for their pro-crypto agendas and public declarations that they will be paid in bitcoin. Adams promised to convert his first three paychecks into the largest cryptocurrency by market capitalization when he was sworn in on Dec. 31. Suarez stated that he began receiving 100% of his compensation in bitcoin in December.
Pressure On Cryptocurrency Companies To Join Other Industries In Suspending Services
In recent weeks, cryptocurrency has become a new focus in politics as the US and its allies try to isolate Russia from the global banking system by imposing sanctions for invading Ukraine. The US has been watching to see if Russia is using cryptocurrency to circumvent sanctions, and it has put pressure on cryptocurrency companies to join other industries in suspending services for Russian nationals.
While China, with the exception of its central bank-issued digital currency, aims to outlaw all cryptocurrency transactions in 2021, the US government intends to build a regulatory framework for digital assets.
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Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
Source: https://www.thecoinrepublic.com/2022/03/19/mayors-that-are-pro-bitcoin-see-cryptocurrency-as-either-a-way-of-increasing-equality-and-diversity/