The global political establishment increasingly addresses itself to the topic of the digital economy. And each time, the claims of people who are or were in power are becoming more specific. Speaking at the Ripple Swell conference in San Francisco, the 42nd President of the United States, Bill CLINTON, noted that new technologies, DLT-ledgers in particular, offered unique ways for the development of the economy and social ties.
“The blockchain technology has great potential, if only because it operates bypassing national borders and income levels of citizens,” he noted. “Here, its possibilities are overwhelmingly great.”
And at the same time, he warned the listeners that virtual assets could be used not only for good purposes. There is still a high probability of their use as a tool for money laundering and terrorist financing. And this is a real stumbling point in the process of developing a new economy.
But, according to the ex-president of the USA, such a problem cannot be solved by excessive and mechanical regulation buildup. The old legal regime cannot be applied to innovative technologies and solutions.
“With this, you will simply kill the goose that lays the golden eggs,” CLINTON warned the regulators. “We can destroy the emerging system by creating a negative background, as well as by the lack of agreement between social and economic systems.”
The former head of one of the superpowers said the obvious things, in general. But his very appearance at this conference has an interesting background and can lead to quite tangible consequences.
Firstly, many began to forget that it was Bill CLINTON who ruled the state during the technological revolution of the 90s the previous century and, in some way, was the founder of the state policy on creating the most favorable treatment for global modernization. The Internet economy has become what we see now not without his efforts. In a word, CLINTON fits right in there. It is a pity that now his name is mentioned only in the context of the matrimonial plans of Monica Lewinsky.
Secondly, together with the former president, his associate, the former economic adviser to the White House, John SPERLING, took part in the conference. Today, the ex-official is a part of the Ripple board of directors. And it is likely that old friends are now acting in tandem. Especially because Ripple joined the founders of a lobbyist organization designed to promote the interests of the digital industry in the US mandarins.
The results of its activities are ill-disguised. For example, on September 26, the House of Representatives adopted a bill on the Task Force on struggling the use of cryptocurrencies by terrorists. One of the key amendments introduced by this regulation is the ban on the use of virtual assets as a way to circumvent sanctions. Now, all participants in the financial market are required to transfer information to the Force within 180 days, if such incidents were noticed.
The law, by the way, determines the rate of the monetary reward for informing the regulator of the attempts to violate the sanctions regime. An active citizen will be able to receive $450 thousand for this.
Moreover, the newly elected co-chairman of the US DLT Congress Assembly, the Congressman Tom EMMER introduced three bills regulating the use of this technology. The documents involve the creation of a state support system for projects and the use of distributed ledgers, the definition of supervisory authorities and the introduction of tax regimes.
“The United States should help boost the development of the blockchain technology,” Tom EMMER says. - Create an environment that will help the American private sector focus on innovation and further growth.”
And finally, thirdly, the authorities of the United States of America already feel that they are losing the digital race to Southeast Asia and are trying to focus their efforts on the adoption and regulation of the new economic reality. But there is one problem. In order to systematically develop the market of digital assets, the United States, like Iran, for example, needs to overcome the psychological barrier. In the case of Iran, Sharia became such an obstacle. And in the case of the United States, it is monetarism, which has long been a true state religion.
The monetarist rule says that the money supply should be expanded in accordance with the rate of the GDP growth. The digital economy repeatedly disproves this postulate, since it is based, to a greater extent, not on the real sector, but on social capital. In other words, the new economic reality gives rise not to consumption, but to the meanings of consumption, not to goods, but to embodied ideas of goods.
With this new approach to defining values, the consciousness of American bosses will either have to be reconciled and learn to generate them or lose the economic race forever.