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Tag: FED

Billionaire Tells Investors; “Buy Bitcoin Right Now”

Mexican billionaire Ricardo Salinas Pliego has advised investors to put their money into bitcoin. Salinas who is the third richest man in Mexico advised this due to the rate at which the Fed is printing dollars. Inflation rates have soared in the past year and are expected to continue doing so. The billionaire advises putting money into bitcoin to combat the rate at which fiat money is being issued.
Billionaire Says Buy Bitcoin
Pliego has grown increasingly critical of the rate at which the Fed has been printing money. The billionaire had posted a picture that…

What Does Jerome Powell’s Second Term Mean For Crypto?

In this issue
Crypto and Jerome Powell: More of the same?El Salvador: Volcanic concernsChina’s digital yuan: Brazen scammers
From the Editor’s Desk
Dear Reader,
Many of you in North America will this week be celebrating Thanksgiving. Many may be feeling a little less than thankful, however, as crypto prices remain range-bound, down from the giddy highs of last month.
Some may also be discouraged by the reappointment of a crypto-skeptic to the top job at the Federal Reserve. Jerome Powell’s second term at the helm of the U.S. central bank means the Fed will retain a boss whose…

US Senator Pat Toomey supports digital dollar, nomination of Powell as Fed chair

Pennsylvania Senator Pat Toomey, one of the lawmakers who supported amending the language around crypto in the recently passed infrastructure law, said the United States should lead the world in the adoption of a central bank digital currency, or CBDC.In a Tuesday interview with Bloomberg’s David Westin, Toomey said the U.S. dollar should have “the most sophisticated capabilities of any currency in the world” as the country could benefit from a digital dollar. However, the senator said the rollout of any U.S. central bank digital currency should not rely on the Federal Reserve as a…

President Biden picks Jerome Powell to be next Fed chair

President Joe Biden has tapped Jerome Powell to serve another four-year term as the chair of the Federal Reserve System’s Board of Governors.In a Monday announcement, the White House announced President Biden will be nominating Powell as his pick to lead the Federal Reserve once his current term ends in February. The executive branch cited Powell’s “decisive action” in lessening the economic impact brought on by the pandemic as well as the creation of 5.6 million jobs and a 4.6% unemployment rate.In addition, Biden chose current Fed board member Lael Brainard to be vice-chair of…

Why Powell or Brainard Won’t Change Much for Crypto

Placing bets on which candidate for Federal Reserve chair would be best for cryptocurrencies? The answer might disappoint: Both incumbent Jerome Powell and leading alternate Fed Governor Lael Brainard are seen as having roughly the same impact.The speculation of who will be the next Fed chair intensified after Senate Banking Chairman Sherrod Brown said early this week he was told by White House officials to expect a near-term nomination announcement from President Joe Biden. The anticipation got super-charged after Biden said Tuesday that he would make a final decision in about “four…

Fed Governor: Why Launch A CBDC When You Got Stablecoins? – Bitcoin – United States Dollar ($BTC)

Federal Reserve Governor Christopher J. Waller suggested the invention of stablecoins made the issuance of a central bank digital currency (CBDC) by the institution redundant.
What Happened: Waller said in a speech published Wednesday that private-sector innovations such as stablecoins are the reason why he is skeptical of the need for the Federal Reserve to issue its CBDC.
See Also: HOW TO EARN INTEREST WITH STABLECOINS
While Waller highlighted that he views them as a major innovation, he also pointed to three major risks brought on by stablecoins.
1. A potential…

Federal Reserve Governors Don’t See Reason to Issue Central Bank Digital Currency – Regulation…

At least three Federal Reserve governors have said that they do not see a reason for the Fed to issue a central bank digital currency (CBDC). The Fed is currently putting together a report on a digital dollar to be released in the near future.
Fed Governors Doubt Need for Digital Dollar
Federal Reserve Governor Michelle Bowman said last week that she does not see much of a reason for the Fed to issue a U.S. central bank digital currency given the safety and efficiency of the U.S. payment system. She said:
I’m not really sure that I understand or see the business case for creating…

Jerome Powell promotes CBDC digital dollar, warns against stablecoins

Federal Reserve chair Jerome Powell has been testifying on Capitol Hill this week, and it’s pretty clear that he is not a fan of digital coins – especially stablecoins.During a two-day congressional hearing, the Fed chief said the main incentive for the U.S. to launch its own central bank digital currency, or CBDC, would be to eliminate the use case for crypto coins in America.”You wouldn’t need stablecoins; you wouldn’t need cryptocurrencies, if you had a digital U.S. currency,” Powell said. “I think that’s one of the stronger arguments in its favor.”Central bankers and U.S. lawmakers…

A CBDC rollout would require Congress to give the Fed more authority, says US central bank official

advertisement On Tuesday, the Senate Banking Committee held a hearing on oversight of the Federal Reserve, during which the topic of a central bank digital currency played a prominent role. 
Vice Chairman for Supervision Randal Quarles testified on behalf of the Fed. “I’m glad to see the Fed moving forward with issuing a report on central bank digital currencies,” said Senator Chris Van Hollen in one exchange. “Can you tell me whether or not the Fed would have the existing authority to launch a pilot if it so chose, or do you believe it would need congressional authority?”
Quarles…

Fed paper this summer aims to spur ‘broad conversation’ on CBDC

Federal Reserve Chairman Jerome Powell shifted his tack slightly Thursday on the topic of creating a central bank digital currency, saying the Fed will issue a paper this summer designed to “stimulate broad conversation” about it.
In a brief video and statement posted Thursday on the Fed’s website, Powell seemed more open to pursuing the idea, where last year — and even as recently as March — he indicated he wasn’t in any hurry to develop a CBDC, considering the risks and trade-offs for the U.S. payments system.

“While various structures and…

Ex digital yuan leader: China can monitor payments without a CBDC – Ledger Insights

The former leader of China’s digital currency research through to 2018, Yao Qian, commented that the purpose of a CBDC is not to monitor payments because it can already do that. He also observed that a central bank digital currency (CBDC) such as a digital yuan could additionally operate on blockchains such as Ethereum and Diem. And he reaffirmed that the eCNY is a synthetic CBDC. As he’s no longer working at the central bank, the executive highlighted that his views were personal ones.

Part of Qian’s speech was a rebuttal of comments made by Federal Reserve Chairman…

A digital dollar CBDC may use this privacy preserving design – Ledger Insights

The U.S. Federal Reserve is expected to publish a report about its work on a retail central bank digital currency (CBDC) or digital dollar in the coming days or weeks. We believe one of the design avenues being explored is a kind of digital cash. Not only does the design robustly address one of the most challenging issues with CBDC, privacy, but because it doesn’t use blockchain, it potentially leaves room for private payment innovation through stablecoins and bank-issued settlement tokens.

There’s a possibility that this solution could simultaneously address the financial…

DCash: motivations, challenges, and lessons from the first monetary union CBDC pilot

Having worked on its Digital Currency Management System since 2016, Bitt has launched the first synthetic central bank digital currency (CBDC) in Barbados, followed by another first in the Eastern Caribbean Currency Union (ECCU) in March this year, with more ahead

To get a sense of the importance of payment systems and settlement networks, and their correlation to the fundamental wellbeing of national economies, one only needs to consult the memorable statement from Alan Greenspan, former chair of the US Federal Reserve: “We had always thought…

Powell clarifies timeline on Fed CBDC paper

Federal Reserve Chair Jerome Powell saw a pair of congressional grillings this week that appeared to center on timelines.
In a Wednesday virtual hearing in front of the House Financial Services Committee, Powell estimated the Fed’s long-awaited research paper, meant to “stimulate broad conversation” as to whether and how the central bank should issue and back a digital currency, is slated to surface in September. Powell in May gave the paper a broader “summer” deadline.
The report, Powell said Wednesday, would help the Fed “accelerat[e] that decision process,”…

Nelson Saiers Calls Cheap On The FED With Sculpture, Why It Matters For Bitcoin

On November 3rd, U.S. Federal Reserve Chairman Jerome Powell finally hinted at the beginning of tapering resulting in Bitcoin and other cryptocurrencies taking a loss. The market has been moving sideways since then, cooling off after a rally that took BTC from $40,000 into price discovery above $65,000.
Related Reading | FED’s Powell Confirms Persisting Inflation, Could Tapering Stop Bitcoin’s Rally?
In the meantime, Hegde fund investors turned mathematical artist Nelson Saiers struck Wall Street once again with one of his iconic sculptures. Part of a…

15 AI Ethics Leaders Showing The World The Way Of The Future

Forget the negative comments, the unsure colleagues, and general science fiction painted pictures of AI that you have been fed your entire life. From my personal experience as an AI proponent for the past three decades I know that the power AI has for doing good is exponentially better than anything negative.
Author & Copyright, Mark Minevich via www.forbes.com
There is only one thing that causes AI to do harm. People. Fortunately for all of us there are leaders and visionaries across the…

Deflationary Fed-Controlled CBDC Will Cause ‘Annihilation’ of Savings

BeInCrypto –Edward Snowden recently took to Twitter to weigh in on the hypothetical central bank digital currency (CBDC) issued by the US Federal Reserve Bank (Fed). In the tweet, Snowden commented on and gave criticisms against CBDCs.Edward Snowden’s (@Snowden) original post was a link to an article that he published about CBDCs on Oct 9, 2021. In this post, Snowden delivers a comprehensive description of his position and arguments on the state of CBDCs and how they might be implemented…

Fed to release CBDC review paper; Kevin O’Leary says Fedcoin is not going to happen



As the Federal Reserve prepares to launch a paper reviewing the U.S. central bank digital currency (CBDC), colloquially known as the Fedcoin, investors are speculating as to when it will be released and what its release will mean for the rest of the cryptocurrency market.
Kevin O’Leary, investor, venture capitalist, and star of the reality TV show Shark Tank, says that a Fedcoin, in the purest sense of the word, is unlikely to ever happen.
Speaking to Michelle Makori,…

Former Boston Fed President Claims Blockchain Not Fit For Central Bank Digital Currency

Former President of the Federal Reserve Bank of Boston Eric Rosengren provided some key insights as to what a central bank digital currency (CBDC) might look like, based on research done between the Boston Fed and MIT. A much anticipated paper from the Federal Reserve is expected to be publicly released later this Fall that will include details of what a U.S. CBDC might look like, but Rosengren provided some exciting details as to what at a high-level the American public could expect. …

Blockchain Bites: The Senator for Blockchain?;US Federal Reserve Chairman Hints at CBDC Action; China’s Crypto Crackdown; HSBC Report: CBDC could be better than stablecoins; NZ Reserve Bank seeks public opinion on CBDCs

The Senator for Blockchain?
Senator Andrew Bragg, a highly anticipate speaker at the recent NFT Fest, has once again sent a strong message of support for the regulation of digital assets in Australia. In opening the event, Sen. Bragg addressed his hopes of positioning Australia as a ‘crypto hub’ with robust policy guided by three key objectives: consumer protection, investor promotion and market competition.
Bragg explained the reasoning behind the extended timeframe for the Select…