Federal Reserve Chairman Jerome Powell emphasized on Wednesday that technology transformation is here to stay in the financial sector and that new regulations will be required. Powell revealed some insight into how the United States would govern the market during a presentation at the Bank of International Settlements Innovation Summit on central bank digital currencies. The digital age was not taken into consideration when establishing our current regulatory structures, the Fed official said. “There will be revisions to current laws and regulations, as well as the creation of wholly new rules and structure, if central banks, stablecoins, and digital currencies are to be implemented,” he said during a roundtable discussion on CBDCs at the BISI Summit. Is There A Threat? Powell noted that emerging forms of digital money, like cryptocurrencies and stablecoins, pose threats to the US financial system and will necessitate the adoption of additional consumer protection measures. Powell reaffirmed his position that cryptocurrency should adhere to the “same activity, same regulation” premise. He proposed regulating stablecoin issuers, such as banks, in October 2021. “Stablecoins function similarly to money market funds. They’re similar to bank deposits… and it is reasonable for them to be controlled similarly, same activity, same regulation,” he concluded. Powell Says DeFi Can Improve Finance Sector Despite this, the Fed chairman acknowledged that distributed technology and DeFi have the potential to improve the payment system’s efficiency and foster a more competitive financial sector. This is an impressive recognition from the director of one of the country’s premier financial institutions. Other agencies and their personnel have embraced crypto and blockchain technology as well, albeit they all appear to advocate for some level of regulation. Crypto total market cap at $1.94 trillion on the daily chart | Source: TradingView.com Suggested Reading | Fiat – Not Crypto – Still The Top Choice For Financial Crimes, US Treasury Says Stablecoins are a type of cryptocurrency that are typically backed by the dollar or a commodity such as precious metal. CBDCs are digital representations of dollars or other fiat currencies that governments issue. The Fed is exdigital currencies but has not yet decided whether to issue them. In January, it published a study on stablecoins. Biden’s Executive Order US President Joe Biden signed an executive order earlier this month directing the Treasury Department and other federal agencies to conduct a study on the impact of cryptocurrency on economic stability and national security. Biden’s directive comes as many Democratic legislators, notably Massachusetts’ Elizabeth Warren, have expressed worry that cryptocurrency could be used to circumvent US sanctions against Russia. As part of the executive mandate, the Treasury is leading a report on a CBDC in consultation with the Departments of Justice, Commerce, and State, as well as the Office of Management and Budget, Homeland Security, and the Director of National Intelligence, to determine whether the US should pursue a digital dollar. Suggested Reading | Bitcoin Breaks Past The $40,000 Barrier Again – Can It Sustain The Momentum? Featured image from CryptoSlate, chart from TradingView.com
A series of technical indicators appear to be flipping bullish for Ethereum (ETH), according to Real Vision CEO and global economic expert Raoul Pal. Pal says he’s identified a chart pattern that suggests ETH is on the cusp of cementing a bottom and beginning a sustainable uptrend. According to Pal, Ethereum is demonstrating an inverted head […]
March 23, 2022, Tallinn, Estonia: In 2021, cryptocurrency addresses associated with criminal activities accumulated over $14 billion, according to Chainalysis, a blockchain data and analytics platform. The booming cryptocurrency space saw the cumulative market cap of all cryptocurrency projects rise to over $2.3 trillion. Concurrently, the economic activity of all blockchains rose to over $15...
In 2021, cryptocurrency addresses associated with criminal activities accumulated over $14 billion, according to Chainalysis, a blockchain data and analytics platform. The booming cryptocurrency space saw the cumulative market cap of all cryptocurrency projects rise to over $2.3 trillion. Concurrently, the economic activity of all blockchains rose to over $15 trillion from $2.3 trillion in 2020, providing an opportunity for malicious elements to take advantage of blockchains' immutability to steal assets or scam unsuspecting cryptocurrency holders. Out of the $14 billion, criminals stole $3.2 billion of digital assets in 2021. The majority was from DeFi exploits and rug pulls.
As of March 22, 2022, DeFi protocols have a cumulative total value locked (TVL) of $214 billion. While DeFi flourishes, another crypto innovation, Non Fungible Tokens (NFTs), is rapidly finding adoption, commanding huge valuations, and finding integration in DeFi and other blockchain sectors. NFTs are blockchain-based unique items allowing holders to total control assets. They derive their security from the underlying blockchain and are typically in limited supply.
Digital Wallet Protector - Spiritual NFTs to Protect Crypto
The DigitalWalletProtector (DWP) team comprises World Scientists, Sacred Geometry Experts, and Crypto Whales. They are using the powers of NFTs and blockchain technology to connect the crypto holders with the creator and universe's positive energy and impact for the safety, prosperity, wisdom, and intuition for good decisions for crypto holders. The DigitalWalletProtector (DWP) team is minting 99 lucky charm utility NFTs on the Ethereum blockchain, purposely choosing the number "9" because it is a magic number. People with the lucky number are creators, encouraging people to live happy lives and weaving their souls to shape their destiny inspired by their dreams.
Each of the 99 NFTs is made by hand in gold and silver colors and will have unique symbols that connect holders' crypto wallets with the universe's positive energy, bringing spiritual protection to the blockchain. The DWP NFTs will protect the owner from all the negative effects of instability, hacks, exploits, and panic in the cryptocurrency market. The symbol of each original NFT also strengthens the owner's intuition and inner peace, helping them further follow the path of his self-realization.
DigitalWalletProtector (DWP) utility Platinum NFTs are exclusively available on OpenSea with a floor price of 9.99 ETH. The floor price of 9.99 ETH was decided after a vote and the price endorsed by the majority. All 99 NFTs were minted on March 20, 2022—the International Day of Happiness--and the auction is in progress until September 19, 2022. Before minting, a special and magical ritual was performed on each of the 99 NFTs, firmly binding them to The Creator and Universe.
About Digital Wallet Protector
The DigitalWalletProtector (DWP) team comprises World Scientists, Sacred Geometry Experts, and Crypto Whales. They are using the powers of NFTs and blockchain technology to connect the crypto holders with The Creator and Universe's positive energy and impact for the safety, prosperity, wisdom, and intuition for good decisions for crypto holders by minting 99 lucky charm NFTs on Ethereum.
To get your Digital Wallet protector today, visit the DWP Opensea now!
The QuickSwap neighborhood has determined to separate the platform’s native token, QUICK. Reacting to the upside within the final hour and previous 7-days, QUICK may see extra upside because the Polygon-based decentralized alternate strikes to extend its stage of adoption. Related Reading | QuickSwap Asks The Community, To Split or Not to Split QUICK Token? […]
Rivers Casino Pittsburgh was the site of a crime allegedly committed by two people, police say. Pennsylvania State Police arrested and charged Shaun Benward, 35, and Denielle Derohan, 42, both registered residents of Mississippi, for their alleged criminal conduct committed recently at the Rivers gaming property. Casino security said the two worked in conjunction to […]
Ethereum price edges higher for the third straight day. However, the gains consolidate in a very tight range of $2,920 and $3,046.99. The price tested the multi-week high near $3,045. Ethereum price locks in gains as bullish momentum continues. Expect more gains toward $3,600 if decisively close above 200-day EMA. ETH trades along the ascending
While gold tapped an all-time high (ATH) this year surpassing $2K per ounce, the top tokenized gold crypto assets by market valuation continue to see significant demand, premiums, and market capitalization growth. For instance, Paxos Trust Company’s PAXG market cap jumped more than 43% in 31 days from $424 million to today’s $611 million. PAXG…
Yuga Labs raised $450 million and is now valued at $4 billion and the funds will go towards building out the new NFT metaverse “Otherside” so let’s read more today in our latest cryptocurrency news today. Yuga Labs raised $450 million in a new fundraise and is now valued at $4 billion and the owners […]