Time to Opt for Bitcoin Savings as Federal Reserve Keeps Injecting Cash into Banks
By definition, a savings account is designed for businesses and people to save cash for emergencies or urgent expenditures in the future. However, banks and financial institutions, including the Fed, are doing exactly the opposite of what people require to maintain financial security. The general population does not benefit. The Federal Reserve raised interest rates this week, to cope with the rising inflation rate and maintain the stability of its economy. In simpler terms, a rise in interest rates means that the central bank is printing out more fiat money to distribute to the economy.....
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According to a press release, the U.S. Federal Reserve (Fed) might provide crypto banks and other entities with access to Federal Reserve accounts and payment services. Following two proposals from the Federal Reserve Board in May 2021 and March 2022, the institution has arrived at final guidelines for these purposes. Related Reading: MakerDAO Set To […]
The U.S. Office of the Comptroller of the Currency (OCC) on Monday published a letter clarifying that national banks and federal savings associations can now hold reserves for stablecoin issuers in the country. According to the OCC’s interpretive letter, reserve accounts can either be funded through deposits from stablecoin issuers or deposits from individual stablecoin holders. It stressed that banks can hold such reserves provided that ”the issuer has sufficient assets backing the stablecoin in situations where there is a hosted wallet.” The letter responds to questions....
The effect of the US dollar being removed from its pedestal of the global reserve is immense; the consequences of such disruption are bound to lead to war or widespread anarchy. Anyone who has dared to inspect the under workings of the American financial market usually uncovers enough disparaging information to justify immediately assuming the fetal position. For many, ignorance is bliss, the idea that your life savings can drastically lose value over night is unsettling. While this might be the case for a majority of people, those who have looked towards Bitcoin to redeem the global....
The Federal Reserve Board of Governors and several Federal Reserve Banks are actively working on the digital dollar. Legislation has proposed that each American could have an account at the Fed for transacting in the central bank digital currency. Several Digital Dollar Initiatives The president of the Federal Reserve Bank of Cleveland, Loretta J. Mester, outlined the Fed’s work on the country’s central bank digital currency (CBDC) during a speech at the 20th Anniversary Chicago Payments Symposium on Wednesday. Noting that the experience with emergency payments led by the....
The Federal Reserve has published new research on distributed ledger tech. The paper, which explores applications of the technology in payments and transaction settlement, was drafted by teams from the Federal Reserve Board as well as the Federal Reserve Banks of New York and Chicago. Though research has been published in the past by members of the Federal Resrve system, most notably the Federal Reserve Banks from Boston and Chicago, the paper's release represents the first major release from the Federal Reserve Board. Overall, the research casts a wide net, including both a top-down view....