Is the US Treasury Looking at Digital Currency?
The US Treasury Department has announced that next week it will be holding a table discussion between various members of the government, regulators and banking and credit card officials. The purpose is to hear the concerns of the MSB (money services businesses) community, and discuss the government perspective on financial access. The Chamber of Digital Commerce is also preparing information and data through a survey on digital currency issues currently being faced by consumers and businesses who are attempting to open accounts. CDC chair holder Carol Van Cleef commented further on the....
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The UK Government, through Her Majesty's Treasury (HM Treasury) has asked for public feedback to assist in their formation of digital currency regulations. https://www.gov.uk/government/consultations/digital-currencies-call-for-information. HM Treasury has been aware of the developing Bitcoin space for quite some time, yet previously (2013) they had agreed to take a "wait and see" approach, allowing businesses in the bitcoin space to develop within the UK without any hindrance. Earlier this year, George Osborne (Chancellor of the Exchequer), asked HM Treasury to investigate the potentials....
HM Treasury, the U. K. government's economic and finance ministry, intends to apply anti-money laundering regulation to digital currency exchanges in the U. K. as part of a plan to promote the legitimate use of digital currency. The goal, according to a newly-released 28-page document, is to support innovation and prevent criminal use. The new document comes in response to a public call for input published in November on developing digital currency regulations. That call generated 120 responses from digital currency developers, businesses providing digital currency related services, banks,....
A U.S senator has introduced the “No Digital Dollar Act to prohibit the U.S. Treasury and the Federal Reserve from interfering with Americans using paper currency” if a central bank digital currency is adopted. The bill further states: “No central bank digital currency shall be considered legal tender under section 16 5103 of title 31, United States Code.” No Digital Dollar Act Introduced U.S. Senator James Lankford (R-OK) announced Thursday that he has introduced a bill titled “No Digital Dollar Act to prohibit the U.S. Treasury and the Federal Reserve....
At the latest Bloomberg Breakfast event held in New York on 18th March, David S Cohen, Under Secretary of the US Department of the Treasury, discussed the challenges of digital currencies as part of a broader conversation with the media outlet's Matt Miller to air on Bloomberg TV. In the hour-long talk, Cohen spoke about the organisation's role as a global leader in educating consumers and governments on the evolving issue, paying a particular interest to the potential illicit uses of digital currencies, as well as the measures it is willing to take to ensure their proper use. Most....
Around the same time as Accenture's call for the UK government to regulate bitcoin wallets, Citi suggested that officials should look into creating their own digital currency. This has been revealed in the Treasury's release of a document entitled "Digital Currencies: Response to the Call for Information". This report summarizes all the submissions received by the government after it urged the public to assist them in understanding the workings of the digital currency industry. The Treasury received more than 120 responses and has outlined the proposals and the government's next steps.....