India Ban Bitcoin Latest News | Cryptocurrency and Regulation of Official Digital Currency Bill 2021
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U.S. Congress drafts bill to ban global internet companies from developing cryptocurrencies
American congressmen have prepared a bill that, if passed, will prohibit large technology companies from developing and launching their own digital assets.
A draft law called «The law separating large technology companies from the financial sector» appeared on the eve of the Facebook hearing scheduled by Congress this week.
The bill aims to prevent the transformation of global technology companies into financial institutions. It also seeks to prohibit these companies «create, maintain or operate a digital asset that is intended for widespread use as a medium of exchange, unit of account, store of value», as defined by the Fed Board of Governors.
According to the project, any technology company with an annual global revenue of more than $ 25 billion, which primarily deals with online public marketplaces, exchanges or platforms for connecting third parties, will be subject to the ban. These companies will be subject to a daily fine of $ 1 million for violating any of the points of the bill..
Under this law, in particular, by the nature of their activities, the companies Facebook and Amazon already fall..
An informed source told The Block that the project is being discussed by the Financial Services Committee staff..