U.S. President Donald Trump wants $5 billion to fund a U.S./Mexico border wall which would stop illegal immigrants from entering the country.
Now, Ohio Rep. Warren Davidson has introduced a new plan which could help fund the project.
In a new bill titled “Buy a Brick, Build a Wall Act” a cryptocurrency or ‘wall coin’ could be created and sold to raise funds which would help Trump complete an election campaign promise.
President Trump is currently threatening a government shutdown if he doesn’t receive the funds.
But Davidson thinks that his Wall Coin plan could work in a similar way to a crowdfunding website.
Could Wall Coin Become a Reality?
Davidson submitted the bill on November 30 without explicitly mentioning cryptocurrency.
It suggests that the Secretary of Treasury could accept monetary gifts on the condition that they are used for funding a border wall.
On Wednesday, he talked to NPR to suggest how such a funding may work. He said:
“You could do with this sort of, like, a crowdfunding site. Or you could even do blockchain, and you could have wall coins.”
Davidson’s proposals suggest that the government could set up a public website that would accept donations for a new ‘Border Wall Trust Fund.’
While Davidson is hinting towards a cryptocurrency-esque solution for funding the border wall, he also announced earlier this month that he is drafting new legislation, for regulating ICOs and creating a new asset class for digital currencies, rather than considering them securities.
Is Davidson’s Proposal Serious?
It is unclear whether Davidson is serious about his plan to create a new “Wall Coin” for funding the initiative.
However, if it does happen, it would be the first attempt by the U.S. government to raise funds by developing a cryptocurrency.
In Venezuela, the government has already launched a state-backed cryptocurrency called Petro, a coin that is apparently backed by the humongous oil reserves of the nation.
Interestingly the U.S. government strongly advised its citizens not to purchase Petro and that they would be breaking the law if they do.
Davidson is not the only person in the US willing to experiment with digital currencies. The city of Berkeley in California is also working on a plan to develop a digital currency backed by municipal bonds.
The funds would be used to alleviate homelessness and the affordable housing shortage.
The cryptocurrency could also help the city gain more independence from the federal government as Trump recently threatened to revoke funding of the University of California Berkeley after Milo Yiannopoulos had to cancel a speech there because of riots.