The US Federal Reserve Board and Fincen are proposing to extend the definition of money to include cryptocurrency. This move might prove that financial regulators are willing to admit digital money as a payment method while opening up new possibilities for it. On the other hand, this might also mean a strengthening of control.
The USA seems to be keeping pace with global digitization. Shortly after the country announced its plans on issuing the digital dollar, a new bill was presented to legalize blockchain-based digital signatures.
The US economy will get a $2 trillion injection from the Federal Reserve to aid the citizens and businesses suffering from the COVID-19 pandemic. However, some experts of the industry including John McAfee believe this might have negative consequences over the country’s economy and cause unprecedented inflation.
Recently, the US Democrats in the house of Representatives proposed two bills both leading to the creation of a digital version of the USD. The Dems say the bill is meant to empower personal income during the raging COVID-19 Crisis.
Correspondence of interest rate cuts by the US Federal Reserve to respond to the recession crisis caused by the global spread of new coronavirus (COVID-19) is growing, and interest in the cryptocurrency market is increasing.
The newly created cryptocurrency “JPM Coin” by JPMorgan (JPM) is gaining momentum in the blockchain arms race amongst the giant United States (U.S.) Federal Reserve (Fed), at a higher rate. It’s the first bank to develop its own digital coin. The coin is pegged to the U.S. dollar.
The United States Federal reserve has shown a very strong interest in components of blockchain and distributed ledger technology. This was witnessed by the release of a paper whose aim was to investigate the potentials of blockchain and outline the Federal Reserve’s interest in the blockchain.