A Pew Research survey showed that Asians, Blacks and Hispanics were more likely than whites to say they have invested in or used cryptocurrencies. Given that, she says her bill would hopefully address economic inequality. And this presents an opportunity to wash all of that away," says Kamlager. A separate legislative effort by Ian Calderon, former majority leader in the California State Assembly and Dennis Porter, a Bitcoin advocate, would make Bitcoin and no other cryptocurrency legal tender in the state.
Colorado Governor Jared Polis, a Democrat, announced on social media that the state will begin to accept crypto payments for state taxes and fees and hopes to do so by the end of summer of this year. It is kind of like credit card payments, with the bonus that there are no returned payments! Colorado plans to use "a third-party exchange that accepts virtual currency, converts it to U.
If successful the governor will explore crypto payments for all types of payments made to the state. Ohio In , Ohio became the first state that began accepting Bitcoin as tax payments. But that effort was short lived. The online portal that allowed businesses to pay their taxes in Bitcoin shut down less than a year after it was introduced. What benefits are there to adopting CBDCs? In many ways CBDCs hold the same benefits as cryptocurrencies — faster and cheaper transactions compared to traditional money, greater transparency, high security, etc.
But seeing as how they are state-issued, CBDCs are developed in a way that preserves the state's control over them. A major advantage that CBDCs can provide to a government is the ability to observe the real-time macroeconomic situation in a country, thus creating avenues for more effective implementation of monetary policies.
That said, the world is moving towards digitalization more and more, and cash will in all likelihood come out of usage eventually one way or another. In turn, greater oversight would allow governments to use CBDCs to combat illegal activities, such as money-laundering and frauds, more efficiently, allowing people a greater chance of keeping their money out of the hands of criminals.
In addition to all that, CBDCs represent a viable financial solution for the unbanked and have the potential to greatly improve cross-border transfers, seeing as how application of the DLT technology would eliminate any need for intermediaries, making transactions go much faster at lesser costs.
Of course, all of these advantages will only become possible in the event that any government actually makes a decision to issue a CBDC and distribute it among its population.
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