Senator elected in U.S. wants to ‚bring Bitcoin into national debate

Does Bitcoin finally have an advocate at the highest levels of the US government?

In an interview to the ABC News GMA3 program: What You Need To Know on Friday, senator-elect Cynthia Lummis again expressed her support for the popularization of Bitcoin, even saying she „hopes to bring Bitcoin to the national debate market.

Cointelegraph Consulting: How the US elections may affect the price of Bitcoin

In a Twitter clip, the future senator representing Wyoming – possibly the highest ranking U.S. authority that has spoken so enthusiastically about digital currency – cited her experience as a former state treasurer to explain why she believes in the future of Bitcoin.

„I am a former state treasurer and I invested the permanent funds of our state, so I was always looking for a good reserve of value, and Bitcoin fits in. Our own currency inflates; Bitcoin does not. There are 21 million Bitcoins that will be extracted and that is it, it is a finite supply. Therefore, I am confident that this will be an important player in the value reserve for a long time. ”

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The senator also seemed to ignore the implication of GMA3 host Sara Haines that Bitcoin could be used for money laundering or tax evasion, choosing not to address these charges.

As the Cointelegraph published earlier, Lummis is one of the first to adopt Bitcoin, having acquired the currency for the first time in 2013 after a tip from her son-in-law, Will Cole, who works at the cryptomime service company Unchained Capital.

Before Congress, regulators challenge U.S. pace in developing national digital currency

While some in Congress took a warm approach to cryptomime, such as Florida representative Darren Soto, who accepted campaign contributions donated in cryptomime, few – if any – were as expressive of his support as Lummis.

While many vehicles have noted that Lummis is the first female Wyoming representative in the Senate, many in the world of cryptomoeda no doubt expect her to be the first true Bitcoin representative as well.

Western Union in difficulty due to US sanctions against Cuba

IN BRIEF

  • The Cuban government has announced that Western Union will have to cease its operations on the island due to new US sanctions.
  • The sanctions prohibit US citizens from sending money to companies linked to the Cuban military.
  • Western Union, which works in Cuba through Fincimex, which is owned by the military, insists that it can find a way to continue operating while maintaining regulatory compliance.

The Cuban government has announced that Western Union will have to close its 407 offices on the island and cease operations following a new round of sanctions imposed by the US government.

The sanctions, revealed to the public on October 27 by the U.S. Treasury’s Office of Foreign Assets Control (OFAC), are expected to take effect from November 26. Western Union insists that it can find a way to continue operating legally.

Under the new sanctions regime, all natural and legal persons subject to U.S. jurisdiction, including citizens, residents, and businesses, are prohibited from processing remittances to or from entities identified on Cuba’s restricted list as having ties to the Cuban military.

This effectively removes Western Union’s Cuban partner – the military company Fincimex – from the remittance situation.

Josefina: 407 Western Union payment points will close in #Cuba due to the brutal measures taken by the US government against remittances. Another example of the policy of maximum cruelty towards the Cuban people and families, even more so in times of pandemic #COVID19.

#UnblockCuba

Ministry of Foreign Affairs of Cuba:

„The measures imposed by the US government against Fincimex harm the Cuban people.“

See full text on @CubaMINREX

#ElBloqueoEsReal

Fincimex’s sanctions policy

For almost two decades, Fincimex has been Western Union’s main Cuban partner, giving it a special status as a pipeline used by the American diaspora in Cuba, estimated at 2.7 million people, to send money to friends and families back home.

According to a statement signed by US Secretary of State Mike Pompeo, the new sanctions are aimed at preventing the Cuban military from continuing to oppress the Cuban people. Pompeo argued that the sanctions would also prevent interference in Venezuela by using remittance revenues from the diaspora.

The statement reads in part

„The Cuban government and army have created a system that seizes hard currency through financial mechanisms managed by the army, such as FINCIMEX and AIS, and takes some of the remittances that ordinary Cubans receive from abroad, including from the United States“.

Reuters reports that some analysts believe that this movement is part of a political calculation by the Trump administration to consolidate its vote in Florida, where the majority of the historically anti-communist American diaspora in Cuba lives.

Western Union is not giving up yet

In a statement provided to Reuters, Western Union stressed that it believes it can find a way to continue Cuba’s operations while maintaining compliance with the new rules. The statement said :

„We are exploring ways to comply with the new rules and regulations on Cuba. We will provide further information as we formalise these plans. In the meantime, Western Union services between the United States and Cuba remain operational“.

Sabrina Rodriguez: I have been sending money to my family in Cuba via Western Union for years. My family and tons of families in Miami will find new ways to do it, but it complicates many lives.

Also, 7 days before the US presidential election.

Patrick Oppmann CNN: Western Union will end remittance services to Cuba following new administrative sanctions by Trump, a Cuban government company.

While Western Union does not intend to give up its lucrative Cuban business without a fight, the Cuban government’s position is far less conciliatory. On 29 October, a statement shared by the foreign ministry of the troubled island state said the government had no intention of giving up.

This counter-statement reads in part

„Fincimex, which is part of the Cuban financial system, is the entity designated by a sovereign decision of the Cuban government to guarantee remittances to Cuba from the United States, which will be completely stopped. Among its US counterparts is Western Union, an entity whose 407 outlets in Cuba, scattered throughout the country, will be closed as a result of the implementation of these brutal measures. The US government bears full responsibility for the disruption of the money transfer service between the two countries. »