Petrodollars, Reserve Currencies, and of course, Bitcoin and the Blockchain
Mining’s a huge issue here in the Philippines: politically, in terms of the natural environment, and as well as, of course, financial and economic terms. CoinTelegraph.PH hangs out at a number of spots in Makati City where private bankers, commodity traders, and of course, Bitcoin startup founders like to congregate. The two worlds—traditional finance and the Bitcoin community—don’t always jive, but invariably, they cross paths. One regular hangout that CoinTelegraph.PH frequents is Impacthub Manila. It’s a hotbed for innovation in Manila—a venue and space that’s centered on the idea that....
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On 1st October 2016, the Chinese Yuan became the world's 5th reserve currency. What does it take to become one and can Bitcoin get there? What are reserve currencies? The term reserve currencies today denotes currencies which form part of the International Monetary Fund's SDR (Special Drawing Rights) basket. SDR was created by the IMF in 1969 as a reserve asset, as there was a shortage of existing reserve assets (gold and the US Dollar) to support the expansion of world trade. The currencies which form part of the SDR basket are the US Dollar, Euro, Japanese Yen, Pound Sterling and from....
The U.S. dollar’s dominant position as the reserve currency of choice may be in peril, as its share of global currencies held in reserves continues to decline. International Monetary Fund (IMF) data shows, the dollar’s share of reserves dropped from 66% in Q3 of 2014 to just above 60% in Q3 of 2020. This means the dollar’s share has been dropping at a rate of about 1 percentage point per year. Faltering Reserve Currencies Meanwhile, as one report suggests, this latest figure represents the dominant currency’s lowest share in almost 8 years. Furthermore, the report....
David Andolfatto, vice president of the Federal Reserve Bank of St. Louis, came out Monday with some words that should be encouraging to the Bitcoin world. He said that the open-source, transparent, decentralized management of the blockchain, the ledger that underpins all Bitcoin transactions, is a "stroke of genius." He believes the Federal Reserve could do a lot better job in being accountable to the public. Also read: Bitcoin Price and the Federal Reserve. He derided the notion that Bitcoin or other digital currencies are the future, however, and unequivocally stated that nearly all....
Adam Draper, founder and managing director of virtual reality and Blockchain-focused venture capital firm, Boost VC, recently stated in an interview that he believes Bitcoin and the Blockchain technology will operate as backend technologies behind reserve currencies like the U.S. dollar. Over the past two years, an increasing number of banks and financial institutions have allocated significant amount of capital and resources into the development and research of the Blockchain technology and Bitcoin. A study released by prominent analyst firm Greenwich Associates, notes that $1 bln is....
There has been a flurry of central bank activity recently spewing advice and cautioning citizens about virtual currencies like Bitcoin. First, it was PBOC and now the recently, the Reserve Bank of India (RBI), India’s central bank has come up with a press release that warns Indians about the dangers of dabbling in virtual currencies. RBI cautions holders and traders of Bitcoin. On Feb. 1, 2017, the Reserve Bank of India posted a brief press release on their website saying, “The Reserve Bank of India had cautioned users, holders and traders of Virtual Currencies (VCs), including Bitcoins,....