People don't want a ‘non-uniform currency’ like Bitcoin, says Fed president
"It's going to be a dollar economy as far as the eye can see," said James Bullard. James Bullard, president of the Federal Reserve Bank of St. Louis, seemingly doesn’t understand why many are looking to cryptocurrency as a medium of exchange instead of a uniform currency like the U.S. dollar.In an interview with CNBC’s Squawk Box on Tuesday, Bullard said the issue for making payments isn’t currencies that can be traded electronically but rather privately issued ones, as is the case for many cryptocurrencies. He referenced a time in the United States before the Civil War when there was....
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Australia will take the driver’s seat in setting a uniform approach for the development of blockchain standards globally. The International Organization for Standardization (ISO), widely regarded as the primary global standards authority has approved an earlier proposal [PDF] put forth by Standards Australia – the country’s national standards authority – that sought to develop uniform global standards for blockchain technology. The ISO agreed to appoint Australia to lead an international technical committee that will now build a uniform approach to the technology. In its initial proposal,....
A second Bretton Woods era will be even more centralized and even further from a true democracy. Barely 100 years ago at the start of the 20th century, people were able to exchange dollars for gold at their local bank. While gold was too hard to trade between people, banking institutions held gold and gave people cash for it. This was during what was known as the gold standard. Each sovereign currency’s value was determined relative to a fixed amount of gold. However, in the decades ahead, that standard quickly changed.Toward the end of World War II, dozens of powerful people organized a....
The Bank of Russia has started conducting trials for its own CBDC. The announcement coincides with the central bank’s plans to launch the CBDC project’s pilot phase in early 2022. Despite President Vladimir Putin’s request that his government and central bank work out an uniform regulatory framework for crypto assets rather than a complete prohibition, […]
North Carolina Gov. Pat McCrory has signed a law that defines “virtual currency” and clarifies what activity triggers licensure. The Chamber of Digital Commerce views the measure as a historical moment for state regulation of virtual currencies and blockchain technology. The ratification of the bill, also known as the North Carolina Money Transmitter Act, follows 16 months of deliberations between the chamber, the state’s General Assembly and the North Carolina Commissioner of Banks. The General Assembly approved the bill last month, CCN reported. Law Defines ‘Virtual Currency’. The law....
Will Texas follow in Wyoming’s footsteps to become the next crypto-friendly U.S. state? Everything is bigger in Texas, but when it comes to crypto-friendly legislation, this doesn’t seem to be the case… just yet. On March 12, 2021, Texas Representative Tan Parker introduced the Uniform Commercial Code, also known as UCC, amendment bill (House Bill 4474) to better adapt commercial law to blockchain innovation and digital asset regulations. Specifically speaking, the Texas UCC amendment bill aims to recognize virtual currencies under commercial law. Lee Bratcher, president of the Texas....