Cryptocurrencies are a threat to the US influence on global politics and economy, say US Congressman Brad Sherman. He has called for a complete ban on digital currencies in the United States.
Coin Centre, an American non-profit organization, working towards protecting crypto and blockchain, tweeted a video on Thursday, in which Sherman was seen proposing totally outlawing cryptocurrencies from the United States.
Today in Congress Rep. Sherman called for a bill to ban all cryptocurrencies.
This is why Coin Center is needed in DC now more than ever. pic.twitter.com/jgikm7z8bI
— Coin Center (@coincenter) May 9, 2019
Sherman is seen stating that a lot of international power which the US enjoys is attributed to the USD being accepted as the global currency. Mass adoption of cryptocurrencies at the global level would weaken the relevance of the US sanctions over countries like Iran, he added. He also said that the promoters of cryptocurrencies want to take down the US dominance over the world economy which they have openly stated.
The United States, especially under the Trump administration, has been criticized internationally for imposing sanctions on any country which opposes its foreign policy. The US sanctions on Venezuela, for example, have been devastating for the country, which has found solace in cryptocurrencies.
Digital currencies came to the rescue of Venezuelans at a time when the country was facing hyperinflation and severe economic recession. Also, America’s biggest rival in global politics, Russia is also said to be working on its own cryptocurrency, which the US might see as a major threat.
Surprisingly, Sherman’s stand is in line with economic rivals China and India, which have been quite resistant towards crypto companies. Both the Asian powerhouses have bans on crypto in place, which has prevented crypto trade from picking up in these countries. However, these two have more economic reasoning behind the ban, while the United States seems to have a greater political motive.
Several countries globally, especially those who have sour relationships with the US, are considering to replace the US Dollar with cryptocurrencies for international trade. This, Sherman says, would weaken the influential position of the United States in world politics.
Bitcoin, the first cryptocurrency, came into being with the motive of replacing the prevailing monetary system, which crypto enthusiasts and promoters believe to be flawed, biased and unfair. The crypto space, in general, is moving rapidly towards global adoption, which could severely impact at least the economic, if not political, the dominance of Washington.