US May Bar Large Tech Firms From Issuing Cryptocurrencies

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Lawmakers in the U.S. are discussing a bill that seeks to prevent large technology institutions in the country from issuing cryptocurrencies.According to a report from Reuters on Monday and a copy of the draft bill circulating online, policymakers in the U.S. House of Representatives are looking to step up the scrutiny over big tech firms that are interested in cryptocurrencies.Under the section of “Prohibition related to cryptocurrencies,” the draft bill, called “Keep Big Tech Out Of Finance Act,” states:“A large platform utility may not establish, maintain, or operate a digital asset that is intended to be widely used as medium of exchange, unit of account, store of value, or any other similar function, as defined by the Board of Governors of the Federal Reserve System.”The bill specifically defines a digital asset as “an asset that is issued and transferred using distributed ledger or blockchain technology, including, so-called ‘virtual currencies,’ ‘coins,’…

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