The ex-fed official of the United States Federal Reserve named Simon Potter is in the crypto news today, stating that the proposals to end the US dollar and its dominance by replacing it with a digital currency make no sense at all.
If we go back in time to las month, we will see that the Governor of the Bank of England Mark Carney was in the news for suggesting to end the US dollar’s dominance by replacing it with a cryptocurrency such as the Facebook stablecoin Libra. At the time, Carney said that he considered this to be a fairly better choice than allowing USD to be replaced by another national currency such as the China renminbi fiat currency.
However, the ex-fed official Potter is featured in the latest cryptocurrencies news for his statement on September 25, when he told BNNBloomberg that Carney’s suggesting that “completely ignores the benefits of having the greenback as a reserve currency.”
“I see no argument that makes sense to have something that complicated out there when you have large, liquid capital markets in the U.S. Not having one currency that you can basically price things and have a deep market in, that makes life much harder for the global economy,” the ex-fed official added.
Even though Potter thinks that it is unlikely for central banks to “ever coordinate around a virtual currency,” private companies might do that. He said:
“Central banks should be very concerned about the private sector doing this. […] A nation’s control of its currency is designed to protect people and get good outcomes. The private sector is much more interested in selling products.”
As an ex-fed official, Simon Potter is a respected figure in the field of regulation. He is even featured in the Libra coin news today because of his statement about the coin – which according to him – has to be perfect out of the gates.
“It’s either successful or it isn’t. If it’s successful, it becomes systemic, because it would involve a very large number of users. And if you’re a systemic payment system, it’s 5-sigma. You have to be on all the time. You can’t have teething issues. You can’t have people losing money out of their wallets,” Potter concluded with a statement on Libra.
Cyprus SEC Embraces Blockchain Despite Unclear Crypto Regulation
Russia Decides To Outlaw Crypto As Means Of Payment
"A decision was made following a meeting in the government to establish a ban on the issuance and use of cryptocurrencies as a means of payment," the letter read.In the same letter, Chernyshenko said that the FSB insisted that some of the crypto-related proposals should be included in Russia's bill on digital financial assets, which is very likely to pass through the parliament this spring. If this occurs, we can see how Russia decides to ban cryptocurrencies. But before that, the FSB wants to identify all crypto owners in the country. For failure to comply with the upcoming law, the FSB is going to impose administrative and even criminal liability. While the FSB and the Bank of Russia reached an agreement on how to regulate crypto, the two departments would not concede on their intentions to independently influence the regulatory process. So far, the bank has not responded to the FSB proposals. What's also interesting in the altcoin news is that a BBC investigation from earlier this month showed that the FSB could be behind the disappearance of $450 million worth of crypto from an exchange platform. Meanwhile, the action on the market is the same and the market cap is at $280 billion while BTC's dominance is at 62.9%.
More Crypto Regulation Suggested By Michael Bloomberg
‘’Cryptocurrencies have become an asset class worth hundreds of billions of dollars, yet regulatory oversight remains fragmented and undeveloped. For all the promise of the blockchain, Bitcoin and initial coin offerings, there’s also plenty of hype, fraud and criminal activity. Mike will work with regulators to provide clearer rules of the game ‘’The document wants to establish consumer protection and to clarify the taxation rules by creating a framework for initial coin offerings by determining which of the tokens are legal securities. He also calls for more regulations for banks and other financial institutions. The proposal is short but notable as the other leading candidates have remained silent on this matter. The other presidential candidate Bernie Sanders made no statements about crypto nor Joe Biden or Elizabeth Warren has commented. Trump is still not a fan of cryptocurrency and has made no calls for regulation. More discussion about the blockchain development could be sparse among the presidential candidates but the topic will not go away. Some of the other branches of government have been addressing the impending wave of crypto adoption and the Federal Reserve Chairman Jerome Powell discussed Bitcoin before the entire House Financial Services Committee. The fact that Bloomberg wants to address blockchain assets is not surprising. He founded one of the most successful financial companies that specialize in software and technology. There’s sure no doubt that he is familiar with crypto and its potential. If the crypto market continues to recover, more candidates will make new positions on how the federal government should approach the blockchain development. There is no doubt that the next president will have to recognize the crypto potential and the change of the entire economic landscape.
Worldwide Cryptocurrency Regulation Turns Bearish
“After the rules of the Federal Revenue, we noticed a significant decrease in the volume traded within our market. We also feel that the market has cooled for smaller exchanges.”The worldwide cryptocurrency regulation changes can be seen in Russia as well since the country seems to be sending out a lot of mixed signals as to how it aims to develop cryptocurrency regulation. Some of the most popular exchanges such as Binance added support for the Russian Ruble a while ago but today, the country steps up on its AML stance. This means clamping down on crypto as well. The United States has a strict regime towards crypto as well and denies it to warm up to crypto. The pro-bitcoin presidential candidate Andrew Yang withdrew from the presidential race and the current president is not really a fan of bitcoin and crypto in general. Steven Mnuchin explained to the Senate Finance Committee that they are preparing new requirements for cryptocurrency and said that ‘’we will be seeing a lot of work coming out very quickly’’:
“We want to make sure that technology moves forward but, on the other hand, we want to make sure that cryptocurrencies aren’t used for the equivalent of old Swiss secret number bank accounts”Another development in the cryptocurrency regulation comes from Belgium as the Financial Services and Markets authority reveled the new plan with the government to enforce greater regulation on digital currencies for transactions. The senator Jean-Paul Servais stated that the industry is growing rapidly and urged the lawmakers to establish a legal framework for sale, purchase, and use of cryptocurrencies.
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