The USA is suggesting a bill proposing $1 million fine per day


The USA has suggested a bill proposing $1 million fine per day for large tech companies if they provie financial services and launch digital currencies.

According to Reuters, the drafted legislation is viewed by a democratic majority headed by the House Financial Services Committee.

Lawmakers consider the following:

"The utility of a large company cannot establish, maintain or operate a digital asset that is intended for public use as a medium-of-exchange, a unit of account, a store-of-value, or any other similar function defined by the Board of Governors of the Federal Reserve System”.

The report notes that the bill named “Keep Big Tech Out of Finance Act” is probably a sign of increased attention from the legislators, caused by the recent announcement of the Libra cryptocurrency from Facebook.

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