Fedcoin: The U.S. Will Issue E-Currency That You Will Use
The U.S. Federal Reserve will not only issue its own cryptocurrency but will also make sure Americans use it. That’s the prediction of currency guru Doug Casey who has an uncanny record of being correct about economic and political trends. His latest book, Surviving Fedcoin: How to Protect Yourself (and Profit) from America’s Coming Currency Change, is a....
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The idea of a government-sponsored digital currency has been around for quite some time. See, for example, the unconfirmed rumors reported in a March, 2013 discussion on the Bitcointalk forum titled "Fedcoin: A centrally-issued alternative to peer-to-peer currencies." Now U. S. economists are taking it seriously. On February 3, David Andolfatto, Vice President of the Federal Reserve Bank of St. Louis, wrote a blog post based on a presentation he gave at the International Workshop on P2P Financial Systems 2015. The title of the blog post is "Fedcoin: On the Desirability of a Government....
What makes Bitcoin better than fiat currency? The ease of transactions, the speed at which transactions can be executed irrespective of the beneficiary’s geographical location and capability of making payments over mobile device are some of the features that make Bitcoin better than digital currency. However, there is an issue of price volatility. Even though the fluctuation of price has spread across a few dollars in the recent days, it is volatile nevertheless. The government and central banks want to integrate bitcoin like capabilities to their fiat currency while protecting it from....
Would a central bank ever issue its own cryptocurrency? While the verdict may still be out, a new report by professional services giant Deloitte explores how it might go about doing so. Entitled "State-Sponsored Cryptocurrency: Adapting the best of Bitcoin's Innovation to the Payments Ecosystem", the report envisions a bitcoin-like system in which financial institutions act as uncompensated miners for a ledger governed by a central bank. The idea of a central bank-backed cryptocurrency has been floated in the past, as shown by concepts like Fedcoin and comments by the central bank of....
The Bitcoin community is eagerly awaiting announcements of bitcoin and digital currency regulations from Central Banks of their respective nations. Most of the Central Banks so far published advisories regarding risks involved with digital currency transactions and watching the sector develop. One of the "Big Four" professional services firms, Deloitte has recently published a report titled "State-Sponsored Cryptocurrency: Adapting the best of Bitcoin's Innovation to the Payments Ecosystem". In this report, Deloitte outlines the possibility of financial institutions using bitcoin like....
Russia’s Ministry of Finance has put forward what many were expecting yet also unable to believe: a ban on the use of digital currency, and the implementation of fines as an appropriate deterrent. Local media outlet Lenta.ru reports that the regulator, which has been debating the issue of a Russian ban for some time, will officially issue legislation to be made public in due course. It is expected to include penalties for the use and creation of methods of generating cryptocurrencies, specifically 50,000 rubles (US$1,260) for individuals, 100,000 rubles (US$2,507) for officials and up to....