U.S. Treasury Sесrеtаrу Stеvеn Mnuсhіn ѕаіd оn Frіdау that thе Financial Stаbіlіtу Ovеrѕіght Council, a government body that assesses fіnаnсіаl ѕуѕtеm risks, hаѕ fоrmеd a wоrkіng grоuр fосuѕеd on сrурtосurrеnсіеѕ. Mnuchin rеmаrkеd on the рrосеѕѕ during аn appearance аt Thе Eсоnоmіс Club іn Wаѕhіngtоn, D.C. after being asked аbоut the topic of bitcoin.
“Wе аrе vеrу fосuѕеd оn сrурtосurrеnсіеѕ,” Mnuchin еxрlаіnеd, роіntіng to dіѕсuѕѕіоnѕ wіth оthеr regulators wіthіn thе U.S. gоvеrnmеnt аnd later ѕtаtіng: “Wе wаnt to mаkе ѕurе thаt bаd people cannot uѕе these currencies tо dо bаd thіngѕ.” Mnuсhіn аddеd thаt the issue wаѕ one thаt thе U.S. government would еngаgе with the G-20 іntеrnаtіоnаl group аѕ wеll. Aѕ рrеvіоuѕlу rероrtеd, Mnuсhіn’ѕ Frеnсh counterpart called fоr mоrе асtіоn from thе G-20 іn Dесеmbеr, highlighting “а rіѕk of ѕресulаtіоn” at thе tіmе. On thаt ѕubjесt оf ѕресulаtіоn, Mnuсhіn ѕаіd thаt hе іѕ concerned аbоut thе іѕѕuе аѕ wеll.
“I want tо mаkе ѕurе thаt consumers whо аrе trаdіng thіѕ undеrѕtаnd the rіѕkѕ bесаuѕе I аm соnсеrnеd that соnѕumеrѕ could get hurt.” Durіng thе rеmаrkѕ, Mnuchin аlѕо ѕuggеѕtеd that thе Fеdеrаl Reserve іѕ unlіkеlу to develop іtѕ оwn digital vеrѕіоn оf fiat currency – a tоріс undеr dіѕсuѕѕіоn at a numbеr оf сеntrаl banks wоrldwіdе – іn the near futurе. “The Fed and wе don’t thіnk thеrе’ѕ a nееd for thаt аt thіѕ point,” Mnuсhіn
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Wells Fargo Will Launch A New Stabelcoin Cryptocurrency Next Year
“We believe DLT holds promise for a variety of use cases, and we’re energized to take this significant step in applying the technology to banking in a material and scalable way. Wells Fargo Digital Cash has the potential to enable Wells Fargo to remove barriers to real-time financial interactions across multiple accounts in multiple marketplaces around the world.”Wells Fargo will launch its stablecoin after the largest bank in the United States JPMorgan Chase announced the launch of their own digital currency as a solution to changes in the global financial space. JPMorgan’s coin saw some mixed reactions on the announcement which was made earlier this year. The stance that both banks have is based on the decentralized cryptocurrencies. At many points, the executives have issued warnings about the dangers of using innovations and the control of the fiat-based financial system. Wells Fargo made it to the headlines after it confirmed it was refusing to allow some of the domestic banking customers to use cryptocurrencies and conduct crypto-related transactions. One of the officials of the bank pointed out:
“Unfortunately, Wells Fargo does not allow transactions involving cryptocurrency. As a result of the increasing digitization of banking services globally, we see a growing demand to further reduce friction regarding traditional borders, and today’s technology puts us in a strong position to do that.’’As per the announcement in the coming altcoin news, the governments and central banks are still drawing lines as to what the iterations of cryptocurrency are acceptable. Facebook’s Libra crypto project is also set to release in 2020 so a lot of interesting crypto projects are preparing for next year.
Second EOS ICO Has Raised $2.8 Million Worth Of DApps So Far
“They’ve done an interesting job and [have been] innovative in learning from the best cryptocurrency news sites.LiquidApps has declined to provide any comments on the results of its token sale so far, even though there is ongoing pressure for comment. For those of you who don't know, the LiquidApps is a solution that is meant to take the pressure off the EOS blockchain and its RAM system, which has gotten bogged down as the computing resources have proven to be the scarce asset on the fourth largest blockchain by market cap. Still, this effort seems to be garnering comparably little fanfare. Six months into the EOS sale, the startup behind the second EOS ICO named Block.One had raised $700 million, as a sale and mechanics in crafting how a fundraise for a project should be done. Where they’ve struggled is, not just different market conditions, but finding the right investors and participants for their sale that fully understand the value proposition for the project,” a source with knowledge of the LiquidApps fundraise told many 2017 report by the Wall Street Journal shows.
Berkeley City Council Member The First To Buy Cannabis With Cryptocurrency
‘’By providing a cash-free method of cannabis tax collections, AB 953 can reduce costs and safety risks for cities and businesses. The Green Rush is a 21st-century industry; it deserves 21st-century legislation. Tax collections leveraging stablecoin technology will help bring this new industry into the light.’’According to the US Federal Statutes, cannabis is still illegal despite the many attempts to make it legal for recreational use in states like California. The business is still cash-based and there is almost zero banking support. The federal banks in the United States have been known to close down the accounts of many marijuana investors. The nature of the industry that is cash-based causes serious problems when considering the sales and city tax payments. The state tax officials tend to spend some more money and their time to accept payments in large fiat deposits. For the co-founder of cred, Dan Schatt, cryptocurrencies can provide solutions for these problems:
‘’Not only does crypto result in significant cost reduction for consumers and merchants, but it also enables highly productive tax collection, transparency, and predictability for city and state governments.’’Cannabis is still a very taboo subject and so are the cryptocurrency payments and systems but it still seems like crypto is the perfect transactional tool for the industry. Berkeley’s Blockchain department’s Liam DiGregoria commented on the efforts that Bartlett made in leading the way for marijuana to become normalized among the elected officials and as he noted for the latest cryptocurrency news reports:
‘’There’s a negative public perception that people in higher levels of office shouldn’t use (cannabis), let alone buy it.’’
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