The Federal Reserve chairman said that they would opt for a public-centric approach on cryptocurrencies, however, would proceed with the digital dollar developments only after weighing the risks it poses to the US financial system.
Some other services offered by the Fed were also disrupted some of which include, FedLine Advantage, FedLine Command, FedLine Direct, FedLine Web and FedMail.
However, some tech stocks took the heat on Tuesday following the heightened talks about the inflation concerns.
On Wednesday, President Trump’s Working Group on Financial Markets published a report regarding stablecoins retail payments perception amongst the public.
Months ago, the ABI announced that Italian financial institutions are ready to commit to the CBDC project.
Dow Jones, S&P 500, and Nasdaq Composite all surged between 10-12% during the month of November as markets remained upbeat on positive news of vaccine rollout. Analysts expect the market to continue its run ahead in December and end 2020 on a strong note.
The major reason why the economy took a down-plunge was as a result of the COVID-19 pandemic, the move to stock up on Bitcoin as a hedge against the imminent economic crash now seems to be a smart step.
Bitcoin smashed past $15,500 levels hitting its new 2020-high and eyeing its all-time high above $20,000. The overall crypto market has added $50 billion in the last week. The fiscal and monetary stimulus measures by the Fed push more people closer to buying BTC.
China’s central bank digital currency (CBDC) does not have the capacity to displace the United States dollar as the reserve currency.
The Assitant Governor of New Zealand’s central bank said that they will continue researching their CBDC in tune with global developments but haven’t been much keen on introducing it now in the country’s monetary system.