Two lawmakers in one week weighed in against the possibility of a United States central bank digital currency.
Within a week, two lawmakers weighed the probability of the US central bank's digital money (CBDC). Ron de Santis, the mayor of California, has called for digital dollars not to be used in the state. Many expect him to run for president of the United States in 2024. De Santis announced a boycott of the Fed meeting to sell and control CBDC, claiming that the move would give government departments "a lot of power".
Texas Congressman Ted Cruz went further, introducing a bill to prevent the Federal Reserve from issuing a central bank digital currency that "faces customers directly." Cruz said it was "more important than ever" to ensure that the current US digital currency policy maintains "personal privacy in the financial sector, maintains the dominance of the US dollar and fosters independent innovation". The bill to boycott CBDC is the second attempt by congressmen Cruz, Braun and Caldley, who introduced a similar bill on March 30th, 2022, banning the distribution of CBDC to me at Fed meetings.
Tom Emmer, a US congressman, introduced another anti-CBDC bill in February. The bill is likely to ban Fed meetings from selling digital dollars to everyone, prohibit central banks from implementing fiscal policies under the CBDC, and require clarity on projects related to digital dollars. This is also clearly to protect the privacy of Americans in the financial industry.
G7 make do with more stringent login password control and cooperate
The next G7 meeting in May is likely to encourage the world's seven emerging economies to promote tighter controls on the world's digital currencies. Leaders from Japan, the United States, Australia, France, Germany and the European Union will jointly agree on a cooperation strategy to enhance the clarity of login passwords, enhance consumer protection, and address potential risks in the global financial system, officials said.
Proposals for stable currency lending, encrypted asset activity and sales markets around the world are scheduled to be put forward in July and September 2023. However, at this stage, it is not clear what is the overall theme of this recommendation.
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The US Inland Revenue Bureau calls on the public to give feedback on the difficult problem of paying taxes on non-tax income.
The US Inland Revenue Service (IRS) said the plan issued an opinion on the implementation of irreplaceable tokens (NFT) as collections under US tax law. According to the US government, under US tax law, collections "do not have the same beneficial income tax and wage treatment as other capital assets", which seems to refer to the way encrypted assets are taxed in the US at this stage. According to US tax law, a maximum of 28% income tax is levied on the sale of collection items such as coins or handicrafts. The proposed IRS manual could use the same specifications to confirm the identity of coins, handicrafts or collection ownership NFT.
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A Texas lawmaker has proposed a resolution to defend Bitcoin miners.
Texas U.S. House of Representatives lawmaker Gerd Sanders proposed a decision requiring the legislature to show in the state that the BTC economy is popular. Sanders inspired due process in Texas to "agree to maintain the person who numbered or developed BTC on the Internet", as well as mining and BTC makers operating in the Lone Star State. The U.S. House of Representatives also passed decision 89, which, if supported, would not be suitable for Texas laws and regulations to some extent, but showed some mentality of due process.
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