Cryptocurrency has an important role in the current economy and financial system which should not be ignored or underestimated. The U.S. Government’s approach on regulating crypto recently has been under much criticism. The recent Economic Report, published Monday, by President Joe Biden and the Federal Deposit Insurance Corporation's attempt to go after Signature Bank, have made individuals increasingly skeptical with the government's attempt to debank crypto firms.

The reason why crypto was born is closely connected with the 2008 Great Financial Crisis the US Treasury Department spent approximately 245 billion to stabilize the banking institutions, hence causing inflation, recession and forcing thousands out of jobs. Crypto, however, is viewed as an alternative solution as it can potentially be resistant to inflation, stored securely on phones and sent to anyone without being charge a fee.

The government however, is sending out hostile rhetoric and a wave of attempts to sever crypto from the existing financial systems. Perhaps the most inconvenient fact of this wave of attempts is that the same mistakes done during the 2008 financial crisis is likely to be repeated.

There is a debate on whether cryptocurrency should be the official currency soon or not however instead of waging a war against it, individuals or the government should be looking for ways to explore its potential. Freedom should be given to the individuals to buy it if they choose to. Forbidden the attempt to stifle innovation and it would for sure be beneficial for the economy in the long-run. As Benjamin Franklin once said to stay silent or accept the rule of law will be calculated as a betrayal of the essential liberty we have been endowed with, and none of us deserve safety or liberty as such.



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