Cash Bans Grow as Central Bankers Plan Centralized Future: Bitcoin to the Rescue?
Paper currency, or cash, is a fairly recent man-made, really a bank made, concept. As I've covered previously, paper money is a convenience of a modern society, but many things have acted as money throughout history. Throughout most of history, outright bartering of goods and services was the way of the world. We've used feathers, gold, beads, "tally sticks", coins, and now paper currency to transmit value from one person to another. And much like the newspaper has been replaced by the Internet version of your newspaper, paper money is getting sent to Evolution's Scrap Yard, courtesy of....
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On Saturday, politicians in the U.S. approved the massive $1.9 trillion Covid-19 relief package dubbed President Biden’s “American Rescue Plan.” The stimulus plan will see American citizens earning $75k or less eligible to receive $1,400. Moreover, households will get an additional $1,400 for every dependent child claimed. Despite the direct cash payments, Biden’s American Rescue Plan is also filled with pork-barrel items that have nothing to do with coronavirus relief. The So-Called ‘American Rescue Plan’ Americans are expecting a third stimulus check....
Cryptocurrencies are very unstable for them to become a widely used method of payment, the Nigerian and Kenyan central bankers have reportedly said. In addition, the bankers claim that cryptocurrencies also pose a risk to financial stability. Narrowing the Financial Exclusion Gap The Nigerian and Kenyan central bankers have said cryptocurrencies are too volatile to become an acceptable payment method. The bankers also insisted that cryptocurrencies pose a risk to financial stability, a Reuters report has said. As per the report, the bankers namely, Kingsley Obiora, the deputy governor of....
Writing about the recent Inside Bitcoins conference in Tel Aviv, Coinapult Director Gabriel Sukenik reports that the Israeli tech community has very clearly identified blockchain technology as a crucial tool for future development. Bitcoin was seen as a clear and obvious inevitability, by all parties including politicians and central bankers. "There were speakers from Israeli Parliament as well as the Central Bank of Israel. I remember my jaw hitting the floor when I heard a Central Banker make reference to when Bitcoin becomes systematically valuable, just like the dollar or euro. Not if,....
In the end, this is still positive news coming out of Russia. An official acknowledgment of discussions taking place is better than nothing. A few days ago, news broke of Russia slowly taking a more positive stance toward bitcoin. It even seems bitcoin may gain legal status in the country. However, one of Russia’s central bankers is not convinced the outcome will be so positive. Legal recognition of cryptocurrency is not guaranteed, nor should anyone think otherwise. Cryptocurrency enthusiasts are well aware Russia will not embrace bitcoin all of a sudden. It is good to see the central....
The world’s central banks are asking governments for help in stimulating the global economy, something at which they have failed. At the three-day annual Jackson Hole Economic Symposium in Wyoming, heads of the US Federal Reserve, the Bank of Japan, and the European Central Bank all met to discuss ways of meeting the current economic challenges. The consensus is that they need help. Without additional government intervention, they said, central banks would be unable to rescue the global economy through monetary policy alone. According to Jose Rodriguez, VP of payments for the Mexican....