USA campaigns for abandoning cryptocurrencies
The United States of America is a serious market player who largely alone decides the future of the entire global economy. That is why monitoring the behavior of the United States in relation to cryptocurrencies is insanely important. Timely study of the behavior of the American government will prepare in advance for possible market changes. For example, today several governing bodies immediately called for tightening cryptocurrency policies in order to limit North Korea’s powers. How will this affect ordinary users of the industry? Let’s get it right.
What exactly happened?
Today, the Federal Bureau of Investigation, the State Department, the Department of Homeland Security, and the Department of the Treasury issued a series of instructions. Government has dedicated its appeal to financial institutions to digital assets. According to the state, all countries, together with the United States, should limit the role of cryptocurrencies in the global economy. This is done to discourage pressure from North Korea.
Recall that earlier the USA published reports indicating that their domestic systems were digitally attacked by North Korea. It is not clear to the end how exactly they managed to track down the hackers and understand that they work from the DPRK. Nevertheless, the precedent is still relevant. And the United States seeks in every way to secure its own digital powers. Moreover, America claims that according to their information, North Korea was able to earn $1.5 billion in 2019 only thanks to digital attacks. State-owned hackers steal cryptocurrency, spread malware. And attack the USA in every way to make money. This is done, according to the United States, in order to continue to exist in the face of severe sanctions.
What does the USA offer
In order to deal with the dangerous Hidden Cobra hacker group, the government proposes to partially limit the use of cryptocurrencies. They can stop working with North Korean programmers, and all corruption and other illegal schemes involving crypts will begin to more actively block and prohibit. However, the United States requires ensuring a decent level of cyber defense from all countries interested in maintaining their own state budget. Let’s discuss whether such political games can affect ordinary users of the crypto industry, like us.
How will sanctions affect the industry?
In fact, you should not expect total blockages of popular coins and the Blockchain concept itself. The United States itself is interested in working with a cryptocurrency system; technology will optimize many government processes. The use of Blockchain is beneficial for the United States. However, the state will strive in every way to suppress third-party developments. Now the quick launch of the digital analogue of the euro is in question. Moreover, the cancellation or suspension of the digital version of the renminbi is likely. Recall that the latter should have been published literally in May. However, now, after the US statement about the need to deal with the pressure of the DPRK, the launch may be suspended.
It is unlikely that the bans and sanctions will somehow affect us. On the territory of the DPRK, there are no serious cryptocurrency exchanges, as well as other platforms necessary for the industry. If tomorrow this country is simply crossed out and banned from using Blockchain, we will only experience price changes. Most likely, the value of most coins will fall. But nothing critical will happen. Do not worry and follow all the news of the crypto industry with us. We publish only high-quality and interesting material. Thank you for your attention. Good luck!