US Senate Banking Committee discusses blockchain-based digital dollar

2020-7-2 17:13

The US Senate Banking Committee has engaged in a second hearing on the possibility of a blockchain-based US dollar

The US Senate Banking Committee held a second hearing on how a blockchain-based US dollar could be created and regulated. The hearing, which took place yesterday, covered a range of issues that would have to be addressed if a digital US dollar were created.

A “digital dollar” in this context refers to a blockchain-based US currency, as all major fiat currency is accessible digitally. The US Federal Reserve was able to expand its balance sheet from less than $4 trillion to over $7 trillion since the start of 2020; because they printed more US dollars  — a process that is impossible for digital assets like Bitcoin.

The Senate also discussed stablecoins during a second hearing. With all the volatility in the crypto markets, stablecoins like Tether have become extremely popular. Tether (USDT) has the third-highest market-cap for any token, after Bitcoin and Ethereum.

The digital dollar isn’t going to be like bitcoin

The type of blockchain-based currency being discussed by the Banking Committee doesn’t appear to share much with Bitcoin or other decentralized tokens.

While there are no firm guidelines for how a blockchain-based US dollar would work, it appears that it would behave like a fiat currency that is recorded on a government-controlled blockchain.

China has made progress with a digital Yuan, which is blockchain-based but will not be decentralized. The People’s Bank of China (PBoC) will have full control over the digital Yuan and can use the information from the transactions for anything it chooses.

Many people who initially adopted digital currencies like Bitcoin were attracted by its anonymity and the fact that no government was involved. Government-backed tokens may not be able to find the same support, although this remains to be seen.

Government-backed blockchain tokens would represent another way for people to use blockchain technology. For the moment, the only country that has a functioning digital currency is Venezuela.

The national digital currency of Venezuela is called the “Petro”. Very few people outside of the South American nation use the Petro. In Venezuela, other tokens, like Bitcoin, have become popular for payments, while the use of Petro is limited.

As more government-backed digital currencies enter circulation it will be easier to see what the market values in a digital token, and if central bank digital currencies are able to compete with Bitcoin.

The post US Senate Banking Committee discusses blockchain-based digital dollar appeared first on Coin Journal.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

UCBI Banking (UCBI) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.00 %
Cегодня L: $0 - H: $0
Капитализация $0 Rank 99999
Доступно / Всего 0 UCBI

committee banking senate dollar discusses blockchain-based digital

Источник: coinjournal.net

committee banking → Результатов: 114


Is Facebook’s Libra likely to intensify regulatory scrutiny on Bitcoin?

Facebook’s Libra continued to grace the headlines, with high-stakes questions regarding its potential risks continuing to dominate the news. Libra’s extensive scrutiny had corrected the crypto-market significantly, with rumors suggesting that the contentious project would lead to tighter regulatory surveillance over Bitcoin and the cryptocurrency industry.

2019-7-21 03:30


Фото:

US Treasury Sec: We Don’t Want Bitcoin Becoming a “Swiss-Numbered Bank Account”

Now that the U. S. Congress and Senate have finished their hearings with Facebook, U. S. Treasury Secretary Steven Mnuchin has set his regulatory sights on Bitcoin. Increased Regulation on the Table Again It appears that the aftermath of the US Congress and Senate Banking Committee’ hearings on Facebook’s Libra coin could present a new set of regulatory problems for cryptocurrency as a whole.

2019-7-19 00:00


Bitcoin Skyrockets Above $10,500, Is A Drop Below $8k Still Feasible?

With the recent price losses that have seen Bitcoin fall below $10k, it is only fair that people begin to ask if $8k is another price level for the cryptocurrency to test. Well, given the animosity from the United States Senate Committee on Banking, Housing, and Urban Affairs and more recently the Secretary of the […] The post Bitcoin Skyrockets Above $10,500, Is A Drop Below $8k Still Feasible? appeared first on ZyCrypto.

2019-7-18 19:45


Bitcoin’s ‘realized market capitalization’ at an all-time high as price continues to suffer following Libra’s Senate hearings

Bitcoin’s massive plunge in valuation recently has shook the cryptocurrency market. The world’s largest cryptocurrency falling below the decisive $10k support following Libra’s ‘interrogation’ before the United States’ Senate Banking Committee has many analysts doubting their bullish predictions.

2019-7-18 03:30


Перед вторым слушанием о криптовалюте Facebook курс bitcoin продолжает падать

Вчера, 16 июля 2019 года, в Сенате США состоялось слушание, в ходе которого сенаторы обсудили криптовалютный проект Facebook Libra. На фоне события, как ранее предполагалось, курс bitcoin продемонстрировал негативную динамику.

2019-7-17 09:43


Watch: Facebook’s Crypto Chief Suffers Brutal Senate Backlash

The US Senate Committee on Banking, Housing, and Urban Affairs held a hearing on Facebook’s Libra project this morning, with Facebook crypto chief David Marcus in the hot seat. After a lengthy introduction by Idaho Senator Mike Crapo in which he called Facebook’s aims “commendable,” the committee discussed the potential ramifications of Facebook banking services.

2019-7-17 20:20


With Facebook’s Libra Congress Hearings Imminent, Will Bitcoin Price Plummet or Foray Higher?

Facebook’s Libra has been knee-deep in criticism ever since it was unveiled. Another hurdle that Facebook is currently facing is testifying during US governmental hearings. David Marcus, the head of the Calibra wallet, will be testifying before the Senate Banking Committee and the House Financial Services Committee on Tuesday 16th and Wednesday 17th respectively.

2019-7-16 10:24


Bitcoin Is A “Store of Value” Like Gold: The US Federal Reserve Chairman

Yesterday has been quite a historic day for the bitcoin and cryptocurrencies as the Fed and President of the US both talked about digital currencies. The Validation Of The Highest Order While answering questions before the Banking Senate Committee on Thursday, Jerome Powell was asked if a cryptocurrency system became prevalent throughout the globe, would […]

2019-7-12 16:01


дальше еще 65 новостей →

Партнеры Currencies.ru

Аналог Notcoin - Blum - Играй и зарабатывай Монеты



Реклама на Currencies.ru

Самое свежее на Currencies.ru

Tornado Cash’s legal win prompts co-founder Roman Storm to fight charges

Roman Storm, developer of the crypto-mixing platform Tornado Cash, has filed a motion to dismiss the criminal charges filed against him by US authorities. His request follows a significant legal decision by the Fifth Circuit Court, which ruled that sanctions imposed by the US Treasury’s Office of Foreign Assets Control (OFAC) on Tornado Cash’s immutable […] The post Tornado Cash’s legal win prompts co-founder Roman Storm to fight charges appeared first on CryptoSlate.

Donald Trump reportedly plans to leverage $200 billion US Treasury fund for Bitcoin reserves

US President-elect Donald Trump is reportedly considering an Executive Order to establish a Strategic Bitcoin Reserve (SBR), according to Satoshi Act Fund founder Dennis Porter. On Dec. 15, Porter shared on social media platform X (formerly Twitter) that Trump plans to use the Treasury’s Exchange Stabilization Fund (ESF) to implement this strategy after his inauguration.

Coinbase stock and app rankings soar amid crypto market resurgence

Coinbase, the largest crypto trading platform based in the US, has seen its stock climb above $300—a milestone not reached since November 2021. Data from Yahoo Finance shows that the jump reflects a roughly 11% increase at market opening and coincides with Bitcoin’s recent surge above the $83,000 mark.