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Comment by sroussey | Hacker News Reader

Other countries have controls on currency movements inside and outside their borders.

Blockchains (due to constantly changing validators, nodes, etc.) are much harder to shut down than some dedicated service. I think the current administration understands that loose stablecoin regulation further cements US dollar hegemony, curtails other countries attempts to deprive their citizens of payment and savings alternatives and creates more demand for US treasuries (because that's where stablecoin reserves end up). It's a win-win for the US government and bad for governments with a track record of poor fiscal and monetary policy.

In practice this isn't true; very few services (in terms of $ spent/earned) are purely virtual and have no physical presence in the country.

You don’t need to shut down the actual blockchain network participants to kill it for your citizens.

Not if the blockchain is developed and administered by a single company!

To be honest, a nitpick that i have in this comment is that there are other stablecoins aside from us dollar but most people don't seem to use it.

There are gold tokens which I genuinely feel like it can be the best thing ever. Because bitcoin is "digital gold", lmao.... I laugh a lot on this statement nowadays because we genuinely have trustworthy way of having "digital gold" and we don't use that as much as there is hype about bitcoin...

But yes currently, it might benefit the us govt. overall

Which Tempo will just ignore.

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