It is easy. Blockchain-based crypto is fully traceable, but completely anonymous. You could easily track any money from address to address from the moment of mining and see the amounts of crypto on any address, but you have no any way to associate an address with person or organisation.
So, if some stupid crypto users will pay fee in crypto, the authorities will have a clue to connect a business with all their addresses and will get an ability to track that business crypto.
That's all. Nothing extraordinary.
For me it is very interesting, if there will be some dumb business owners who will really pay that fees with crypto and thus disclose all their transactions to authorities.
The "Banking for All Act", introduced in 2019 and working slowly through, is to "enable" local banks to process Digital Dollar accounts on behalf of The Fed.
All DD accounts will be with The Fed and not local banks.
Once they control the transaction mechanisms, they can control who can transact with whom and when. If that sounds far fetched, "Here's D$1000 UBI. It is non transferable. You can only spend it with approved partners and on approved products. It expires after 30 days"
So, don't use that Digital Dollar. Use conventional Bitcoin, Monero, whatever. What is the problem? AFAIK no crypto controlled by banks gain any popularity among people compareable with even worst indpendent coins.
they can control who can transact with whom and when
They already could do it with bank cards and accounts. No news here at all.
It is easy. Blockchain-based crypto is fully traceable, but completely anonymous. You could easily track any money from address to address from the moment of mining and see the amounts of crypto on any address, but you have no any way to associate an address with person or organisation.
So, if some stupid crypto users will pay fee in crypto, the authorities will have a clue to connect a business with all their addresses and will get an ability to track that business crypto.
That's all. Nothing extraordinary.
For me it is very interesting, if there will be some dumb business owners who will really pay that fees with crypto and thus disclose all their transactions to authorities.
The Digital Dollar, which is a CBDC issued by The Fed, is definitely not anonymous.
And that is the "crypto" this will end up as, other pilot schemes are already under way
The "Banking for All Act", introduced in 2019 and working slowly through, is to "enable" local banks to process Digital Dollar accounts on behalf of The Fed.
All DD accounts will be with The Fed and not local banks.
Once they control the transaction mechanisms, they can control who can transact with whom and when. If that sounds far fetched, "Here's D$1000 UBI. It is non transferable. You can only spend it with approved partners and on approved products. It expires after 30 days"
So, don't use that Digital Dollar. Use conventional Bitcoin, Monero, whatever. What is the problem? AFAIK no crypto controlled by banks gain any popularity among people compareable with even worst indpendent coins.
They already could do it with bank cards and accounts. No news here at all.
The explain Operation Chokepoint