If you’re in the mood to listen to some good music, then let me just say that the blue wave in US Senate could mean a flood of federal stimulus money for digital currency. This could potentially lead to more mainstream acceptance of digital money in the United States. Of course, it’s possible the blue wave won’t happen. However, if it does, you can be sure there will be many government officials and regulators who are going to be eager to talk about this possibility.
Now, you might think that this is not the type of news that is going to make people happy, and if you are an optimist you might be right. However, let’s look at the facts.
The main reason as to why more countries are considering using digital currencies like the US dollar in place of their national currency is because they realize that with it, they can make it harder for banks to manipulate interest rates, increase liquidity, and also prevent fraud and other financial crimes. That’s not all. They are also seeing it as an opportunity to create an online banking system that is free from any kind of central bank oversight. As long as your funds remain secure on your digital wallet, you should have no worries.
What’s going on right side of the Atlantic is a huge debate about how to regulate these digital currencies. While there are many things that are being said about regulation, they all seem to be saying the same thing: “Let’s wait until more people start using digital money.” If you believe that, then you’re probably right. But if you believe that regulators would really like to see a large amount of adoption, then this is not going to be the wave you’re waiting for. What you want to see is some sort of incentive program put into place that would encourage people to get started with digital currencies.
That incentive could come in the form of tax breaks or other types of support from the government to help encourage people to start using the private sector. There are some people who are making very reasonable arguments for these things. For example, some of them point out that the US government has provided stimulus money to companies that make solar panels, so why shouldn’t the government do the same for digital currencies?
So, the blue wave in US Senator could mean a flood of federal stimulus funding for digital currencies if enough people get behind it. I would suggest that if you are a supporter of this technology and want to see it become the mainstream, you become actively involved in making sure the blue wave doesn’t happen.