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A governor of the U.S. Federal Reserve has warned that the Facebook-led Libra project has a “core set of legal and regulatory challenges” ahead.In a prepared speech for an event in Germany on Wednesday, Lael Brainard said more clarity is needed about the basket of currencies underlying the stablecoin and
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South African Reserve Bank (Sarb) is planning on presenting new rules to curb illegal use of cryptocurrencies in activities such as money laundering.The cryptocurrency news came after Kuben Naidoo, Deputy Governor of Sarb, mentioned the plans while talking to reporters. The new rules, which have been under consideration for five
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The United States Federal Reserve System is exploring the development of a central bank digital currency (CBDC) and what issues and risks it could potentially pose.Federal Reserve Board Chairman Jerome Powell provided a response to U.S. Representatives French Hill and Bill Fosters’ request on whether the Federal Reserve plans
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Jerome Powell has said his institution is looking into the possibility of developing a digital currency, but the option throws up many policy questions and unclear benefits. Source
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Stablecoins could “complement” other payment systems and improve conditions for consumers, but need constant checks, says the United States Federal Reserve.In its November 2019 Financial Stability Report released on Nov. 15, the Fed highlights stablecoins and their potential impact on the U.S. and beyond.Fed: Unregulated stablecoins “pose risks”Rather than
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The former Federal Reserve chairman Alan Greenspan said at a conference that it is pointless for central banks to issue their own digital currencies.Presenting his views, Greenspan said that national (fiat) currencies are backed up by sovereign credit and therefore are far superior to digital assets proposed by tech giants
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The United States Federal Reserve is hiring a manager for its Retail Payments section in Washington, D.C.On Nov. 3, the U.S central bank posted a new job opening to its website, looking for a new manager who is expected to contribute to the research of digital currencies, stablecoins and
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For the third time this year, the U.S. Federal Reserve has cut interest rates amid a global economic slowdown. However, BTC price stays stable.The U.S. Federal Reserve has lowered interest rates by a quarter of a percentage, exactly rate by 25 basis points to a range of 1.5% to 1.75%,
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A former campaign adviser to United States President Donald Trump is planning to release a stablecoin based on a fractional reserve.As Fortune reported on Oct. 21, Stephen Moore announced plans to launch a stablecoin dubbed Frax, which will be backed by a fractional reserve of U.S. dollars.As such, the
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The president of the Federal Reserve Bank of Philadelphia, Patrick Harker, said on Wednesday that the U.S. shouldn’t be the first nation to launch its digital currency payment system and lead the pack of other central banks issuing state-sponsored cryptocurrency.Harker further said that the trend of the central banks around
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