A couple of weeks ago, Walmart announced that it had applied for a cryptocurrency patent thereby spawning speculation that Walmart Coin was being plotted.
It wasn’t Facebook with a crowd of the crypto Illuminati floating the idea of its Libra coin to be overseen by gnomes in Geneva. It didn’t attract a lot of fanfare, and it didn’t trigger Congressional hearings.
No, it was plain vanilla, retail behemoth Walmart, who without much pomp or even a twinge of circumstance said, “Hey, we might be interested in an actual application of that blockchain and cryptocurrency stuff.”
President Trump had some choice words to share in regard to cryptocurrency and the Libra (Facebook) cryptocurrency in particular.
They were not flattering.
The President is “…not a fan…” and suggests that cryptocurrency will “…facilitate unlawful behavior, including drug trade and other illegal activity.”
His full quote was:
“I am not a fan of bitcoin and other cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air. Unregulated crypto-assets can facilitate unlawful behavior, including drug trade and other illegal activity.”
He had a lot more to say, but that is the money line.
The comments were magnified by those of US Federal Reserve Chairman Jerome Powell who said that he felt that cryptocurrency “…raises serious concerns.” [Hey, if you were casting a movie on the Fed Reserve — sexy action thriller kind of movie with Charlize Theron as a central banker — is this guy not the perfect Fed Reserve Chairman?]
Powell’s comments, though less widely reported, contained substantial beef as he noted that the existing regulatory scheme does not “fit digital currencies” which he indicated would have to be addressed before Libra could go forward. He specifically called out Libra thusly,
“Libra raises many serious concerns regarding privacy, money laundering, consumer protection, and financial stability.”
The President pointedly noted that if Facebook wanted to go forward with Libra they should get a bank charter. Your Big Red Car said the same thing some time ago.
Big Red Car here getting ready for a trip to Sam’s.
So, I’m reading a few things and stumble on an interesting article about India and its attitude toward crypto. This is interesting for a number of reasons, not the least of which is that twenty percent of the world’s population lives in India.
Here is the famous Gateway to India which will likely not become the Gateway to Crypto if a proposed law is approved.
The “Banning of Cryptocurrency and Regulation of Official Digital Currency Bill 2019” levies a ten-year prison sentence on any individual who might “mine, generate, hold, sell, transfer, dispose of, issue or deal in cryptocurrencies.”
This is what is called a broad stroke. Not much left to the imagination. Not subtle.