Why the Federal Reserve Continues to Reject Cryptocurrencies?
In a speculative discussion facilitated by the Bank for International Settlements, Federal Reserve Chairman Jerome Powell expressed that digital currencies are a poor store of great value and emphasize that Bitcoin will not be a suitable medium of exchange and will never be an option. In contrast to the US dollar due to its unpredictability.
Although Powell said that digital currencies are a kind of theoretical speculation and cannot replace the dollar, it may be an option unlike gold.
His observation about the digital forms of money was as follows:
It is exceptionally whimsical and thus not a great value useful store, nor is it backed by anything.
They are theoretical resources and are basically an option unlike gold against the dollar.
The Fed will take as long as is necessary with the computerized dollar and are moving in an extraordinary and frankly alert rather than rallying.
There are a few stages to take before giving the digital dollar.
The Chairman of the Federal Reserve has expressed:
To get this moving, we're going to ask support from Congress, from the organization, and from the broad local area, and we haven't really started.
So you can expect that we must act with greater vigilance and integrity regarding the advancement of computerized criticism of a national bank.
The digital money explosion is influencing the surge in talk of CBDC:
Bitcoin and optional digital forms of money continue to climb to new lows despite a review that Bitcoin started yesterday after neglecting to top the $ 60,000 score, dropping in the hour of circulation of this post to the $ 54,000 .
In any case, the Bitcoin acquisition and development did not stop, and the growing interest in Bitcoin led to the emergence of the Bitcoin Index ETF in Canada, at that point in Brazil.
While in the United States, the Bitcoin exchange store has not yet been confirmed, however several organizations have already applied for approval from the Securities and Exchange Commission (SEC).
The explosion and expansion in the popularity of cryptocurrency forms in a roundabout way has increased national banks thinking about sending computerized cash money to a national bank to stay on top of the group.
While various countries plan to be the first to distribute advanced forms of cash to national banks, the United States does not again feel the urgency now to award computerized dollars.
By @natalia-irish
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STOPIf cryptocurrencies are poor store of value, fiat are even poorer the way I see it.
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Absolutely
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Bitcoin is like a virtual banknote, made of codes and not of paper, and this digital technology that allows to reproduce in electronic payments the efficiency of payments with paper notes.
Many want to go against that, but that is the future of money.
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Yes it is
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