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California Considers Universal Basic Income Via Cryptocurrency

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The state of California has long played with the idea of leaving the union and becoming its own region. In other words, it would look to stand alone and sever any ties to the United States.

California Looks to Become an “Island”

Known as “Calexit” (similar with “Brexit” in the United Kingdom), the state of California would not be governed by U.S. federal regulators and look to potentially govern itself. One of the biggest steps in the movement to break California’s attachment to the American states is that it would implement several cryptocurrency regulations that would permit a universal basic income for all residents via digital currency. In addition, the region would grant citizens free healthcare.

Ziyen energy head Alasdair Caithness explained in an interview:

The policy will involve developing a blockchain-backed cryptocurrency. This will democratize ownership of the California government’s land, resources and assets through tokenization into a usable currency. It is the intention for it to be used to finance a level of free healthcare, free education and a form of basic income for all California citizens who have struggled to achieve economic liberty under the current U.S. federal government system.

While it may sound nice at first, there are several problems with this movement. For one thing, the ideas of basic income and universal healthcare are purely socialist. This means that while everyone is getting resources, taxes would likely have to be raised to extremely high levels to pay for such elements. A basic income for everyone and free healthcare for millions of people a year are rather costly ventures, and the only way to incorporate such items into our government’s offerings is through tax hikes.

This was the main problem with Medicare for All. Initially promoted by democratic senator from Vermont Bernie Sanders, the idea of Medicare for All seems sweet at innocent at first glance until one considers the expenses behind such a maneuver, and that people like Sanders initially think that massive tax shoves on the rich are going to do the trick.

This Would Be Very Expensive

However, there’s one thing that a lot of people forget, and that is that uber rich people often keep their money in stocks and other markets that cannot be touched by taxmen unless shares are sold. In addition, by incorporating themselves, members of the rich community can remain shielded from many of the tax implications that average employees cannot escape.

Interestingly, it appears most Californians see through the fine print of the plan, with a 2017 poll showing that nearly 70 percent of the state’s 40 million residents prefer to remain part of the United States, and just over 30 percent are leaning towards Calexit. In addition, California currently boasts one of the world’s top five economies, and socialist practices such as these would ultimately break that up, resulting in a loss of financial status for the Golden State.

Nick Marinoff
Nick Marinoffhttps://www.livebitcoinnews.com/
Nick Marinoff is currently a lead news writer and editor for Money & Tech, a San Francisco-based broadcasting station that reports on all things digital currency-related. He has also written for a number of other online and print publications including Black Impact Magazine, EKT Interactive, Seal Beach USA and Benzinga.com, to name a few. He has recently published his first e-book "Take a 'Loan' Off Your Shoulders: 14 Simple Tricks for Graduating Debt Free" now available on Amazon. He is excited about the potential digital currency offers, particularly its ability to finance unbanked populations and bring nations together financially.

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