US Presidential Candidate Andrew Yang Hints At BTC Payout Possible For UBI; If Elected
Andrew Yang, on September 15th, when speaking on Off the Pill Podcast helped to provide the public with a glimpse of the plans he has in store for them if he gets elected.
During the interview, Yang, who is known to be an avid crypto supporter stated that he would want to start issuing monthly salaries to residents of the United States.
The $1,000 payment, which has been dubbed as the Freedom Dividend or the UBI (Universal Basic Income) was expected to apply to all US residents regardless of their financial status. Now, the presidential hopeful has come out to state that the payments would, in fact, be made in the form of Bitcoins as opposed to US dollars.
When the interviewer pressed him on whether he had considered using BTC as the medium of payment for UBI, Yang appeared to respond in the affirmative. He also had a positive response to a suggestion stating that BTC’s divisibility to that of Satoshi was what made it the perfect candidate.
He answered the interviewer by commenting he loved their idea of thinking. He added that this was the reason why many people in the crypto world were on board with the Universal Basic Income idea.
BTC Freedom Vs Its Ban
The comments made by Andrew Yang came at a time when the current administration has remained sketchy on its position regarding the use and acceptance of crypto. Bitcoinist recently ran a report that seemed to indicate that a ban was imminent if Bitcoin prices continued to rise. This was based on its analysis of the prevailing political environment in the country.
While no one is sure of how this ban would work or even how it would be applied, there is already an ongoing clampdown being implemented across the globe with regards to the use and recognition of cryptocurrency.
It is estimated that by June 2020, there will be more than two hundred countries that will have implemented identity requirements. These are requirements fronted by the Financial Action Task Force, which is part of an intergovernmental body.
The requirements require that parties transacting more than $1,000 at a time identify themselves to an exchange.