{"id":123352,"date":"2020-11-30T22:34:56","date_gmt":"2020-11-30T19:34:56","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/biden-should-integrate-bitcoin-into-us-financial-system-says-niall-ferguson\/"},"modified":"2020-11-30T22:34:56","modified_gmt":"2020-11-30T19:34:56","slug":"biden-should-integrate-bitcoin-into-us-financial-system-says-niall-ferguson","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/biden-should-integrate-bitcoin-into-us-financial-system-says-niall-ferguson\/","title":{"rendered":"# Biden should integrate Bitcoin into US financial system, says Niall Ferguson"},"content":{"rendered":"

“# Biden should integrate Bitcoin into US financial system, says Niall Ferguson <\/strong>”
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British economic and financial historian Niall Ferguson said the United States needs to find its own path in adopting cryptocurrencies, rather than \u201cbuilding [its] own versions of China\u2019s electronic payments systems.\u201d<\/p>\n

In a Bloomberg opinion piece, Ferguson said<\/a>\u00a0Sunday that the current pandemic has general<\/a>ly been good for cryptocurrency adoption, accelerating a \u201cmonetary revolution\u201d around the world. However, the historian noted that China has been \u201cadvancing rapidly\u201d in the rollout of its digital yuan and increasing use of mobile payments. App<\/a>s like Alipay and WeChat Pay reportedly handle roughly $40 trillion in transactions annually.<\/p>\n

The historian believes that these measures by China are serving as a template for other countries developing cross-border payment systems and remittance payments. However, he advised against the U.S. doing so:<\/p>\n

\u201cEven governments that are resisting Chinese financial penetration, such as India, are essentially building their own versions of China\u2019s electronic payments systems,\u201d said Ferguson. \u201cRather than seeking to create a Chinese-style digital dollar, Joe Biden\u2019s nascent administration should recognize the benefits of integrating Bitcoin into the U.S. financial system.\u201d<\/p>\n

Ferguson added that authorities in the U.S. already have methods in place to deal with enforcement surrounding Bitcoin (BTC). The Internal Revenue Service now requires individuals to make a declaration related to their crypto holdings on their returns and may be going after Coinbase users who do not comply with tax and reporting requirements. In addition, the Federal Bureau of Investigation has had its eyes\u00a0on cases of money laundering using crypto.<\/p>\n

\u201cThe point is simply that the financial data of law-abiding individuals is better protected by Bitcoin than by Alipay,\u201d said the historian. <\/p>\n

The president-elect\u2019s personal views on crypto, central bank digital currencies and Bitcoin are not well known, but there are indications that people in his administration could potentially help guide crypto into a friendlier regulatory framework in the United States. For instance, Biden may be tapping former chairman of the Commodity Futures Trading Commission Gary Gensler to be his deputy treasury secretary.<\/p>\n<\/div>\n

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Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

“# Biden should integrate Bitcoin into US financial system, says Niall Ferguson ” British economic and financial historian Niall Ferguson said the United States needs to find its own path in adopting cryptocurrencies, rather than \u201cbuilding [its] own versions of China\u2019s electronic payments systems.\u201d In a Bloomberg opinion piece, Ferguson said\u00a0Sunday that the current pandemic…<\/p>\n","protected":false},"author":1,"featured_media":123353,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/s3.cointelegraph.com\/uploads\/2020-11\/4de0a3d4-4f27-4d6d-b5a2-aac2afb48a40.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74858,75046,74889,71511,70934,67874],"class_list":["post-123352","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin-regulation","tag-cbdc","tag-payments","tag-government","tag-regulation","tag-united-states"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/123352","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=123352"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/123352\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/123353"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=123352"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=123352"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=123352"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}