Tencent QQ Coin – Facebook Libra – Though Different Have Similar RamificationsJuly 11, 2019
The US wants to identify those who have downloaded cryptocurrency applications via Google, Microsoft, and Apple. The governments are very hungry for data, and they are into a lot of tracking and surveillance, and eventually, they will want people to declare all of their crypto holdings. Whether it is a day-to-day currency or if it is serving to be a store of value will not matter.
Crypto Tax Girl tweeted: “I recently got hold of a presentation given to special agents in the IRS Criminal Investigation division that discussed investigating taxpayers who hold crypto.”
This might be one of the approaches used by the IRS to ensure that their Citizens are making accurate tax filings. It has been opined that this information might be exploited in the way of putting the privacy of the US citizens in stakes.
QQ coin will be out long before the Libra from Facebook. While Libra is expected to change the economic system, it is as well expected for it to Wreak Havoc on the smaller economies, thus shaking the global financial stability with different populations increasingly abandoning their local currencies.
Tencent launched their QQ coin way back in 2005, and they are available to date. This is being used to measure a significant portion of the underground economy of China.
Vili Lehdonvirta stated, “[Their] story illustrates a key challenge with virtual economies.” The professor further added, “Forces arising from the participants’ economic interests and expediencies can lead systems on trajectories that differ significantly from what their designers originally intended.”
Many opine that Facebook, the social media giant is already late to the party. The basic premise of digital money continues to be the same, just like it was decades ago. Therefore, stating that the company’s entry into the cryptocurrency space is not unique.
In January 2007, the Central Bank of China declared a crackdown on the QQ coins fears that it might facilitate money laundering. The price increased with governmental control, and at one point in time, it raised to 70% within weeks.
While QQ coin is available even today, they comprise of a difficult to measure the portion of the underground economy in China. This is one of the critical challenges posed by all virtual economies, and digital money is beginning to have unintended consequences.
Libra is different from QQ coin in several ways; however, their ramifications are the same.
Pony Ma, Tencent CEO, stated, “The technology is already mature, it’s not difficult,” he further wrote. “It depends more on whether the regulations allow it.”