Expert: Bitcoin will Never become a Reserve Currency
According to Pavel Kravchenko of DistributedLabs, Bitcoin is not going to be a reserve currency anytime soon. It is mainly due to the hesitation of the banking sector to recognize bitcoin as a currency. Opinions are dime a dozen, as everyone has at least one and sometimes more than one. There is nothing different when it comes to the subject of bitcoin either. There are many conflicting opinions about the digital currency which are casually being tossed, even by those who have never used bitcoin in their life until now. But that doesn’t mean all opinions are a waste of time, or useless.....
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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....
As Iran plans to scrap the use of US dollar as reserve currency, there are speculations of it being replaced by Bitcoin. Iran could pave the way for the adoption of Bitcoin as a foreign reserve currency. The reports of Iran moving away from US dollar as the preferred reserve currency in retaliation to the travel ban issued by Trump administration has led to this speculation. Until recently, Iran has been under sanctions for its nuclear program. With the sanctions relaxed last year, there were signs of trade and diplomatic relations between Iran and the United States returning to normalcy.....
The underlying tech of a central bank digital currency wasn’t enough to convince some panelists at a Fed conference that it could change the international currency system. A note published by the United States Federal Reserve on a recently held conference found a majority of exports believe a U.S. dollar central bank digital currency (CBDC) would not drastically change the global currency ecosystem. Panelists at the conference also agreed CBDC development outside of the U.S. doesn’t threaten the status of the dollar, but th development of cryptocurrencies could alter the role of the dollar....
After a momentous 2020, this will be the year that bitcoin takes major strides toward becoming the world’s reserve currency. The post BIP 2021: Bitcoin’s Path Toward Reserve Currency Status Is Set appeared first on Bitcoin Magazine.
Wenatchee-based Bitcoin ASIC mining and hosting company HashingSpace Corporation (OTCQB: HSHS) has announced that it has secured the services of Marco Santori, a legal expert on Bitcoin and blockchain. Mr. Santori is a renowned name in the law of Bitcoin, digital currencies, and emerging payments. He lends his services to exchanges, payment processors, institutional miners and other companies making innovative applications of the virtual currency technology, including "Bitcoin 2.0." He is also the Chairman of the Bitcoin Foundation's Regulatory Affairs Committee. Timothy Roberts, CEO of....