A Big Clash Between Governments And Cryptocurrencies Is Coming

A Big Clash Between Governments And Cryptocurrencies Is Coming

Steve Forbes, Editor-in-chief of Forbes Media, suggests that we may be headed towards a “Cryptocurrency war”. As Crypto soars in a northward direction, GH/s Feb 19, 2021 (Investor Brand Network via COMTEX) —
Conservative alt-coin podcast hosts Drew Taylor and Brent Bates recently welcomed guests and the audience… The International Monetary Fund (IMF) resident representative for Nigeria, Ari Aisen recently discussed the Central Bank of Nigeria (CBN) directive that targets crypto entities. In remarks made during a special virtual press briefing, Aisen repeats some of the CBN’s claims that cryptocurrencies were being used “for illegal transactions such as…

A big clash between governments and cryptocurrencies is coming

Steve Forbes, Editor-in-chief of Forbes Media, suggests that we may be headed towards a “Cryptocurrency war”. As Crypto soars in a northward direction, governments and central banks are thought to be preparing to “crush digital currencies with taxes and regulations”, in an attempt to stop them becoming alternatives to existing fiat currencies. 

In a video on Forbes.com, he began by saying that the main problem with cryptocurrencies becoming major forms of payment is that they have too much volatility. He cites the example of a house owner who, if they took out a mortgage for $250,000 denominated in Bitcoin a year ago, would now be liable for nearly $3,000,000 today. 

However, he adds that solutions are going to come, and that will be the flashpoint for a “financial equivalent of Starwars”. He stated: 

“Governments will fiercely fight any challenge to their monopoly on manufacturing money” 

The Forbes Editor believes that governments will use regulation. He gives the example whereby a decree could decide that commercial contracts denominated in crypto “were not enforceable in a court of law”. He also suggests that they might not be allowed to be used to pay taxes with, and that cryptocurrencies themselves could be heavily taxed. 

As an example of a government backlash to alternative currencies, Forbes refers to the “ferocious reaction” when Facebook unveiled its plans to introduce the Libra payments system. Even so, Facebook’s new, more regulatory friendly version of the payment system called Diem, is scheduled to launch later this year. 

Forbes then remarked: 

“Politicians and economists will wail that economic policy will be hampered if governments don’t have a currency monopoly” 

But he adds that its all the government’s own faults that they have made such a mess of monetary and fiscal policies. 

To end the video Forbes says that he thinks that, in spite of the forces arrayed against crypto, “Technology will trump the monetary monopolists” and that “a new economic era is approaching”. 

Steve Forbes is a widely respected author and economist, and he is presently producing the podcast “What’s up”, where he converses with politicians and business leaders in an attempt to challenge traditional conventions. 

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice. 

Title: A huge clash between governments and cryptocurrencies is coming
Sourced From: cryptodaily.co.uk/2021/02/A-huge-clash-between-governments-and-cryptocurrencies-is-coming
Published Date: Thu, 18 Feb 2021 16:27:00 +0000

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A big clash between governments and cryptocurrencies is coming

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Wild West Crypto Show Features Turbo-Charged Ride of Cryptocurrencies, Red-Hot Bitcoin's Ascent to New All-Time High and More

Wild West Crypto Show Features Turbo-Charged Ride of Cryptocurrencies, Red-Hot Bitcoin’s Ascent to New All-Time High and More

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IMF Representative of Nigeria Calls for Caution Over the Use of Cryptocurrencies – Economics Bitcoin News

IMF Representative of Nigeria Calls for Caution Over the Use of Cryptocurrencies – Economics Bitcoin News

The International Monetary Fund (IMF) resident representative for Nigeria, Ari Aisen recently discussed the Central Bank of Nigeria (CBN) directive that targets crypto entities. In remarks made during a special virtual press briefing, Aisen repeats some of the CBN’s claims that cryptocurrencies were being used “for illegal transactions such as money laundering and drug trafficking.”

According to a report, Aisen, who says that other central banks have taken similar action, believes that “some care should be taken” concerning the use of cryptocurrencies. In an apparent justification of the directive, Aisen suggests that the CBN only wants a solution that will be “in the interest of the payment system and the sustainability of the financial sector.”

However, during the same briefing, Aisen also calls on Nigerian monetary authorities to consider the “unification of foreign exchange rates.” While the CBN maintains the naira’s exchange against the US dollar at 380:1. The parallel market, on the other hand, offers a significantly higher rate of 475:1.

Meanwhile, by maintaining an overvalued exchange rate, the Nigerian government is able to easily meet its obligations. Yet, on the other hand, this overvalued exchange rate is partly blamed for the plummeting monthly cross-border remittances into Nigeria. According to Nairanalytics, remittances, which are a vital foreign exchange source, dropped from the high of $2.05 billion in January 2020 to just $54 million by September of that year.

In the meantime, in his remarks, Aiesen attempts to convince the CBN to move towards the unification of the exchange rates as well as the transparent management of this resource. The resident representative is quoted saying:

It would be useful to unify rates to allow the currency fluctuate as well as to make forex more accessible to those in need.

The Nigerian government, just like its peers across the African continent, has seen its revenues drop significantly due to the effects of the Covid-19 pandemic. In addition to the dropped revenues, Nigeria is facing ongoing shortages of foreign exchange which in turn adds pressure on the local currency.

To mitigate some of these challenges, the IMF representative is advising the Nigerian government against raising taxes. Instead, Aisen urges Nigeria to strengthen the tax administration by expanding the tax base and block leakages.

What are your thoughts on the remarks that were made by the IMF resident representative? Tell us what you think in the comments section below.

bitcoin remittances, CBN crypto ban, Central Bank of Nigeria, COVID-19, Cryptocurrencies, Foreign exchange, IMF, International Monetary Fund, Money Laundering, naira, parallel market

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A Big Clash Between Governments And Cryptocurrencies Is Coming

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