mo4ch:>US draft bill seeks to ban big tech from taking over economy with private cryptocurrencies | Mo4ch News

Fearing the potential impact a popular privately-issued cryptocurrency might have on both American and dollar-dominant global economy, the US lawmakers are drafting a bill to prevent tech giants from taking over financial sector.The bill titled, ‘Keep Big Tech Out of Finance Act,’ seeks to prohibit any technology company with annual global revenue of more than $25 billion from issuing their own cryptocurrency. The draft explicitly bans “large platform utilities from being a financial institution or being affiliated with a person that is a financial institution.” Any entity that violates the provisions of the bill could be subject to a daily fine of up to a million US dollars.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.While the draft legislation does not name any particular companies or digital currencies, President Donald Trump …