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Junij 29, 2021by Mark Murdock

29. junij 2021 / Unchained Daily / Laura Shin

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Dnevni bit ✍️✍️✍️

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Kaj si meme?

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Kaj je Poppin?

Part 1: The US Has CBDC FOMO

In a speech, yesterday titled “Parachute Pants and Central Bank Money,” Randal K. Quarles, the Federal Reserve’s vice chair for supervision, said that the fever pitch for a US-issued CBDC has become outright FOMO.

Quarles points to America’s “susceptibility to boosterism and fear of missing out” as a character trait that has “sometimes led to a mass suspension of our critical thinking and to occasionally impetuous, deluded crazes or fads,” like parachute pants.

Beyond the parachute pants illustration, Quarles emphasized three points:

1. The US dollar payment system is working just fine. Mr. Quarles is skeptical that a CBDC is necessary for a country where the “general public already transacts mostly in digital dollars.” (He’s talking about the kind that sometimes take five days to move between banks.) Furthermore, he does not believe the Fed has the legal authority to issue “CBDC models without legislation” being further fleshed out.
2. The benefits of creating a CBDC are unclear when foreign CBDCs or other crypto assets are yet to prove competitive to the dollar.  Quarles is not worried about a foreign CBDC or stablecoin overtaking the dollar as the world’s dominant currency. He said, “It seems unlikely, however, that the dollar’s status as a global reserve currency, or the dollar’s role as the dominant currency in international financial transactions, will be threatened by a foreign CBDC.”

   He also noted that the US should not fear stablecoins, positing that a “US dollar stablecoin might support the role of the dollar in the global economy.” On “Bitcoin and its ilk,” Quarles argued that such assets would “remain a risky and speculative investment rather than a revolutionary means of payment, and they are therefore highly unlikely to affect the role of the U.S. dollar or require a response with a CBDC.”

3. A potential CBDC may pose considerable risk to the Fed and US alike. Quarles says it could “be expensive and difficult to manage,” as the Fed would, in essence, have to act as a retail bank to the general public. He also touched on the challenging balance between creating a CBDC that would respect an individual’s privacy while also minimizing the risk of money laundering.

Preberite celoten govor tukaj.

Part 2: Coinbase Wants to List Every Token (That Meets Its Standards)

Coinbase CEO Brian Armstrong took to Twitter to explain how Coinbase handles new asset listings on its platform.

His tweet came shortly after the exchange added Polkadot, Shiba Inu, and Dogecoin within one month.

Glede na Dešifriraj, Coinbase has aggressively picked up the pace of its asset offerings. For context, the exchange added 21 new assets in 2020. Halfway through 2021, the company has already added 29 new tokens. Coinbase’s custody division has also expanded, announcing support for 74 additional tokens — more than doubling the number of assets available to custody on the platform in just six months.

Source Decrypt

Armstrong’s Tweet thread made it clear that Coinbase is “asset agnostic” and believes in a free market with consumer choice. He also noted that a Coinbase listing is not an endorsement of a token. Instead, it’s just the acknowledgment that a token hit the exchange’s minimum listing standards.

“Do your own research and exercise good judgment,” Armstrong warned.

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Priporočena branja

• Congressman Tom Emmer on why Congress must fight overregulation of blockchain and crypto innovation:

• Ben Lilly’s investment thesis for crypto is based on one chart… U.S. 30 year bond yields:

 

• Alex Gladstein on how Bitcoin could be used to fight monetary colonialism: 

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