Seeds of Wisdom RV and Economic Updates Thursday Morning 12-05-24
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MISSOURI BILL WOULD BAN CBDCS, MAKE GOLD AND SILVER LEGAL TENDER
Missouri lawmakers have been trying hard to pass an anti-CBDC bill, and one of these days, they may succeed.
Attempts continue in the US state of Missouri to prohibit the potential use of central bank digital currencies (CBDCs). The state has seen several bills this year to stave off the digital currency, which does not currently exist in the United States.
Bullion yes, CBDC no
Republican Senator Rick Brattin pre-filed Senate Bill (SB) 194 on Dec. 1. The bill introduces changes to state law that would prohibit public entities from accepting a CBDC or participating in any testing of a CBDC. It also changes the definition of money in the state’s Uniform Commercial Code (UCC) to exclude CBDCs.
In addition to the provisions on CBDCs, the bill would require the state treasurer to keep at least 1% of state funds in gold and silver. It would also exempt the sale or exchange of gold and silver from the state capital gains tax and make gold and silver legal tender.
“The act declares that gold and silver shall be accepted as legal tender at their spot price plus market premium […] in the state of Missouri. Costs incurred in the course of verification of the weight and purity of any gold or silver […] shall be borne by the receiving entity.”
Massive legislative anti-CBDC push
The bill’s provisions on CBDC are similar or identical to those in other bills introduced in Missouri earlier this year.
SB 1352 would make numerous changes to the state UCC, including a prohibition on CBDCs. It is still in committee. House Bill 2780 would also ban CBDCs and affect a variety of commercial transactions. It passed a House vote and has been forwarded to the state Senate.
SB 826 concerned CBDCs alone and failed to pass. SB 736 and its companion bill in the state House of Representatives concerned CBDCs and gold and silver and failed to pass. Brattin had previously introduced SB 866, which contained substantially identical provisions with differences in wording. It died in committee.
Anti-CBDC legislation is being passed in an increasing number of US states. Louisiana and North Carolina have passed laws to that effect in recent months.
The struggle against CBDC has been taken up on the national level as well. The US House of Representatives passed the CBDC Anti-Surveillance State Act on May 23.
@ Newshounds News™
Source: CoinTelegraph
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BITCOIN ENDORSED BY US FED CHAIR POWELL AND RUSSIA’S PUTIN IN HISTORIC SHIFT
In an unprecedented turn of events, Bitcoin received endorsements from two of the world’s most influential leaders yesterday. US Federal Reserve Chair Jerome Powell and Russian President Vladimir Putin independently acknowledged the cryptocurrency’s growing significance during separate events on December 4, 2024. Their remarks signal a potential paradigm shift in the global financial landscape, as Bitcoin continues to gain mainstream acceptance.
Jerome Powell Compares Bitcoin To Gold
During the New York Times DealBook Summit, Jerome Powell engaged in a conversation with Andrew Sorkin about the role of cryptocurrencies in the banking system. When questioned about Bitcoin’s rising prominence and talks in Washington about creating a strategic BTC reserve, Powell outlined the Federal Reserve’s perspective.
“From the jobs that we have, what’s relevant is really two things,” Powell said. “One is just, you know, what role should crypto assets be allowed to play in the banking system. We try to keep the banking system safe and sound. We regulate and supervise banks, and we would want the interaction between the crypto business and the banks to not threaten the health and wellbeing of the banks.”
Powell added that the other task of the US Federal Reserve is consumer protection. “We would want the public to know crypto products and things like that. There’s sort of a consumer protection aspect of it. They need to understand exactly what it is. But we don’t regulate it directly and we don’t have that big of a role.”
When asked if he would ever own Bitcoin himself, Powell succinctly replied, “I’m not allowed to.”
Sorkin then suggested that BTC might symbolize people’s faith—or lack thereof—in the US dollar or the Federal Reserve. Powell responded by likening Bitcoin to a traditional store of value: “I don’t think that’s how people think about it. I mean, people use Bitcoin as a speculative asset, right? It’s like gold.
It’s just like gold, only it’s virtual. It’s digital. People are not using it as a form of payment or as a store of value. It’s highly volatile. It’s not a competitor for the dollar. It’s really a competitor for gold. You know, that’s really how I think of it.”
Vladimir Putin Highlights Bitcoin’s Resilience
On the same day, President Vladimir Putin spoke at the Russia Calling forum, where he discussed the diminishing dominance of the US dollar and the rise of alternative financial instruments. Putin emphasized the inevitability of new technologies like BTC in reshaping the global economy.
“The use of the dollar as a world currency gives the US a lot of money,” Putin stated. “Thanks to the dollar, the US continues to exploit other economies of the world for their benefit.
One thing is to prohibit the use of dollars and the other thing is not to use it. That is why we see (economic) processes with the use of other instruments.”
He pointedly added, “For instance, who can ban Bitcoin? Nobody. And who can prohibit the use of other electronic means of payment? Nobody. Because these are new technologies.
And no matter what happens to the dollar, these tools will develop one way or another, because everyone will strive to reduce costs and increase reliability.”
Putin also commented on the global shift away from the dollar: “Even the countries that are allies of the US reduced their currency reserves in dollars and in euros.”
Reactions From Community
The endorsements from Powell and Putin sparked immediate reactions from prominent figures in the cryptocurrency space. Vijay Boyapati, a former Google engineer and author known for his book The Bullish Case for Bitcoin, took to X to express his thoughts:
“Jerome Powell calling Bitcoin digital gold is the biggest endorsement of Bitcoin yet, if you understand where financial power lies. Bigger than Fink or even Trump.”
David Bailey, CEO of BTC Inc and advisor to former President Trump’s team—who was instrumental in turning Trump pro-Bitcoin —also weighed in via X: “The Bitcoin Space Race is here. […] It couldn’t be more clear what’s happening. It must be a national priority to stand up the Strategic Bitcoin Reserve in the first 100 days of the Trump admin. We need an aggressive plan to grow USA’s proportional ownership of the Bitcoin supply.”
@ Newshounds News™
Source: Bitcoinist
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