Cost of Paper Money: $200 Billion, Time to Phase Out and Introduce Bitcoin?
Kenneth Rogoff, the Thomas D. Cabot Professor of Public Policy and Professor of Economics at Harvard University and former Chief Economist at the IMF, recently posed the question about the future of paper money. I reported the academic paper myself last month and the arguments he put forward for Cryptocoinsnews. At that time, I agreed with Rogoff on the technological obsolescence of paper money however I now wish to look at some of the reasons, that society must consider, for holding onto paper money. I have an acquaintance that works as a handyman, he has two prices that he charges per....
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Kenneth Rogoff, the professor of Economics at Harvard, writing in Financial Times, poses the question "Is it time to consider the phasing out of paper money?" Kenneth Rogoff is the Thomas D. Cabot Professor of Public Policy and Professor of Economics at Harvard. Any opinion expressed by Rogoff has to be taken extremely seriously as from 2001-2003, he served as Chief Economist and Director of Research at the International Monetary Fund. Rogoff's treatise Foundations of International Macroeconomics (joint with Maurice Obstfeld) is the standard graduate text in the field worldwide, and his....
As of Sept. 30, MicroStrategy held 114,042 BTC at an average purchasing price of $27,713. MicroStrategy added almost 9,000 Bitcoin to its holdings in Q3, bringing its total BTC stash to a valuation of around $7 billion. The company highlighted the purchase of 8,957 BTC in its Q3 report on Oct. 28, with the firm’s perma-bull CEO Michael Saylor stating that there is more BTC accumulation to come:“Today, MicroStrategy is the world’s largest publicly traded corporate owner of Bitcoin with over 114,000 Bitcoins. We will continue to evaluate opportunities to raise additional capital to execute....
The stablecoin issuer announced its intentions of removing all commercial paper from its reserves last month as it countered rumors, and it remains on schedule so far. Tether is reducing its commercial paper holdings on pace with plans, the stablecoin company reported Friday. It has reached the target sum of $8.4 billion in commercial paper, as per intentions first disclosed last month, and will continue to reduce its holdings in the immediate future. On July 31, $5 billion of Tether’s commercial paper holdings will expire, leaving the company with $3.5 billion dollars’ worth in its....
Thomson Reuters has published a white paper detailing the challenge for law enforcement with digital currencies and how they can be used for money laundering. The paper is mainly an educational article and serves as an introduction to the problem of money laundering and digital currencies. The paper starts by quoting the Financial Action Task Force (FATF), which is an international group involving 36 countries that money laundering is at the level of between two and five percent of global GDP, i.e. $1.38 trillion to $3.45 trillion. This is a rough estimate as, by the definition of the....
A revised vision of the Cosmos Hub is now expected to be on chain for voting on Oct. 31, after being originally scheduled for Oct. 3. An updated version of the Cosmos Hub white paper went live on October 29, with the community now set to vote on the document. According to the project, concerns related to the issuance model of Cosmos token (ATOM) were addressed in the new revision, among other issues. The paper's first version was published in September, proposing a redesigned Hub focused on strengthening interoperability and security, along with key changes to its token, with a new....