Fun

News Feed - 2023-07-11 06:07:00

Derek Andersen2 hours agoBOE governor trashes crypto, stablecoins in favor of ‘enhanced digital money’A retail CBDC or “enhanced” digital money would support the singleness of money and settlement finality, Andrew Bailey said, but crypto isn’t money.594 Total viewsListen to article 0:00NewsJoin us on social networksAndrew Bailey, a Bank of England (BOE) governor, delivered a speech July 10 in which he moved smoothly from the central bank’s efforts to control inflation and maintain public trust in financial institutions to why cryptocurrencies are not money. Instead of cryptocurrencies and stablecoins, he would prefer “enhanced digital money.”


The spate of bank failures in the United States and Switzerland earlier this year revealed issues of the singleness of money and settlement finality, Bailey said. Both cryptocurrencies and stablecoins fail basic tests of singleness and settlement finality, he said, without elaborating. “They are not money,” Bailey said. The passage of the Financial Services and Markets Act would bring stablecoins into line, however.Bank of England Governor Andrew Bailey says inflation is likely to drop “markedly” this year and that the full impact of rate increases has yet to hit the economy https://t.co/kntdoEKYPr— Bloomberg Economics (@economics) July 10, 2023


Digital money, as it already exists, “entirely held in IT systems,” could be enhanced to become “a unit of money to which there is the capability to attach a lot more executable actions, for instance, contingent actions in so-called smart contracts,” Bailey said.


Related: Bank of England governor questions need for digital pound


A central bank digital currency (CBDC) would also be a form of enhanced digital money, Bailey said. “There is no reason that I can think of which makes well-designed enhanced digital money the sole preserve of central banks,” he added, but a CBDC would present distinct advantages:“Our main motivation for a retail CBDC would be to promote the singleness of money by ensuring that the public always has the option of going into fully functional central bank money that can be used in their everyday lives.”


Bailey had a different view of wholesale CBDCs. The BOE has just upgraded its Real-Time Gross Settlement (RTGS) system. Bailey said:“This puts us in a very strong position to deliver solutions which can integrate central bank digital money in RTGS with tokenized transactions. We think this is the fastest and most efficient route to take.”


That is without creating a wholesale CBDC, it seems. Bailey added that “cash is here to stay.”


Collect this article as an NFTto preserve this moment in history and show your support for independent journalism in the crypto space.


Magazine: Crazy outcomes when current laws applied to NFTs and the metaverse# Cryptocurrencies# Britcoin# Bank of England# Stablecoin# CBDC# RegulationAdd reactionAdd reactionRelated NewsCan memecoins be used as real currency?Bitcoin has entered a civil war — Over ‘art’Hong Kong and US aim for stablecoin regulations by 2024Ripple partners with Colombia’s central bank to explore blockchain technology‘Britcoin’ launch inches closer after Project Rosalind CBDC testsDigital pound will be pseudonymous with a focus on privacy: BoE CBDC chief

News Feed

Prashant Jha13 hours agoFTX files motion to exclude its Dubai unit from bankruptcy proceedingsFTX filed for bankruptcy in November 2022, with 102 of its units worldwide entering Chapter 11 proceedings.1947 Total views27
Indian Doctors Warn of Illegal Covid-19 Vaccine Sales for Bitcoin: Citizens Urged to Wait for Government Approved Vaccine
Indian Doctors Warn of Illegal Covid-19 Vaccine Sales for Bitcoin: Citizens Urged to Wait for Government Approved Vaccine Indian doctors have warned that the sal
Celebrity memecoins highlight crypto’s influencer problem
Prashant Jha10 hours agoCelebrity memecoins highlight crypto’s influencer problemCelebrity memecoins have become the latest crypto trend in 2024, with a slew of celebrity endorsements.1113 Total views27 Total sharesLis
$540 Million Worth of ‘Sleeping Bitcoins’ From 2014 Move — BTC Possibly Linked to Cryptsy Theft
$540 Million Worth of "Sleeping Bitcoins" From 2014 Move — BTC Possibly Linked to Cryptsy Theft On March 29, blockchain parsers caught a sequence of 11 transactions totaling 11,3
Major Australian Investment Firm Moves From Gold to Bitcoin
Major Australian Investment Firm Moves From Gold to Bitcoin A billion-dollar Australian investment management firm has gotten into bitcoin, citing that the crypt
Best Altcoins to Buy as Institutional Bitcoin Buying Set to Outpace Retail
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Buying Bitcoin and Ether Just Got Easier in Honduras With Cryptocurrency ATM
Buying Bitcoin and Ether Just Got Easier in Honduras With Cryptocurrency ATM A cryptocurrency ATM has been installed in Honduras where users can buy bitcoin and
Biggest Movers: MATIC Climbs 20% to Hit 2-Month High, as AVAX Nears 6-Week Peak
Biggest Movers: MATIC Climbs 20% to Hit 2-Month High, as AVAX Nears 6-Week Peak Polygon was up by nearly 20% to start the week, as the token rallied to its highest level since May.
Derek Andersen1 hour agoNum Finance launches Colombian peso stablecoin on PolygonNum Finance received $1.5 million in a pre-seed funding round in May and is now issuing stablecoins in the local currencies of Argentina, P
Elon Musk’s Tesla Faces Scrutiny Over Potential Conflict of Interest in $1.5 Billion Bitcoin Purchase
Elon Musk"s Tesla Faces Scrutiny Over Potential Conflict of Interest in $1.5 Billion Bitcoin Purchase Tesla is facing more scrutiny over its $1.5 billion dollar
No Crown Yet? Bitcoin Needs To Prove Itself One Win At A Time—Analyst
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Bitcoin Cash open interest folds 47% since halving as price slides
Ciaran Lyons2 hours agoBitcoin Cash open interest folds 47% since halving as price slidesThe majority of its price decline occurred on April 10, with a steep drop of 7.51% within a three-hour window.1043 Total views11 To