Goldilocks and Seeds of Wisdom
Lawmakers are now taking cryptocurrency and blockchain regulations to their states. On January 5, the Blockchain Basics Act, a bill that aims to protect several blockchain and cryptocurrency rights, was introduced in the Nebraska Unicameral Legislature by Sen. Eliot Bolstar, putting the cornhusker state at the forefront of these initiatives.
The act seeks to guarantee the rights of Nebraskans to mine cryptocurrency without restrictions, exert the custody of their cryptocurrency assets, and transact with crypto. It also establishes the exemption of capital gains state taxes for cryptocurrency transactions under $200.
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Leveling the playing field for stablecoins
The race for Stablecoin adoption is underway. Stablecoins represent a country’s currency. The current technology is at T+1 settlement. The goal is to reach T + O settlement or instant settlement.
Patriot, the blockchain interbank payment network, already utilizes JP Morgan’s Coin as a Deposit Token throughout the current banking system. This network has already achieved near-zero instant payment system technology.
The goal is to create a Level Playing Field among countries and their payment systems through T+0 settlements. And, Stablecoins are the path forward to reach this goal collectively.
For a Stablecoin to qualify in digital payment systems going forward, they will need a stable price equivalent to the country’s current regulated price on their currency. The use of gold backing each of these Stablecoins will help to achieve this goal.
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