The Feds released a white paper about the CBDC

Making the dollar an official digital currency would provide Americans with more and faster payment options, but it would also increase financial stability risks and privacy concerns for those who live in the United States. However, a CBDC would be issued and backed by the government, which is not the case with most cryptocurrencies. According to the Federal Reserve Board, central bank digital currency (CBDC) has both advantages and downsides when used as a payment system in the United States. In addition, as the Federal Reserve points out, a CBDC might help to improve the domestic payments system while simultaneously maintaining its safety and effectiveness.

It is being considered by the Fed as an alternative to lowering or replacing safe central bank money, to encourage more people to use it. Instead of depending on commercial banks, consumers would be able to file a claim against the central bank directly. Thru an online form, the Federal Reserve will accept comments on the possibility of a digital dollar for the next 120 days. Some Democrats believe that a digital currency may be beneficial to the unbanked, and they want the Federal Reserve to issue CBDC accounts to individuals.

With the help of this tool, low-income households may be able to lower their transaction costs and increase their financial inclusion. CBDCs will improve the international standing of the dollar if they are adopted by a large number of countries.

Comments

White Hat hacker was offered a $500,000 reward from Poly Network

Following a breach that resulted in the loss of $610 million by cryptocurrency exchange Poly Network earlier this week, the company announced a $500,000 "bug reward" to whoever was responsible. With an emphasis on enabling users to move or exchange tokens across various blockchains, Poly Network is a decentralized finance (Defi) platform that enables peer-to-peer transactions intending to facilitate peer-to-peer transactions. He had "helped us improve Poly Network's security," the company said. A "white hat" hacker tries to disclose cyber vulnerabilities. "Mr. White Hat" was also to get a $500,000 reward as part of the digital money repatriation talks. It said that the hacker had replied to the offer, but did not specify whether or not the offer had been accepted. However, it has been reported that the hacker has returned $340 million in money and has transferred the bulk of what is left to a digital wallet owned by them and Poly Network, acc

Why Energy Concerns Around Blockchain May Be a Misconception

Blockchain has made headlines recently for using more energy than airlines or even entire countries. Different types of chains have different impacts on the environment based on how they're designed. The proof-of-stake (POS) model is significantly more energy-friendly than the traditional Proof of Work (POW) model. Blockchains operate differently than traditional IT systems. Different types of chains have different impacts on the environment based on how they're designed. Proof-of-work (POW) is what's behind traditional "mining," where miners compete to solve a mathematical puzzle. The Bitcoin Foundation has switched to a more energy-friendly model of proof-of-stake. Proof-of-stake (POS) requires those working on the chain to have skin in the game. POS also reduces power consumption and accelerates the handling of transactions. The model is being adopted by big names in the industry such as Bitcoin, & Ripple.

Understanding the technology underlying cryptocurrencies

Blockchain technology could prove transformative for industries, including financial services. A primer on technology, sponsored by the Organization for Economic Co-operation and Development, was recently published. It highlights the array of opportunities and challenges that blockchain's popularity could have on the financial industry, among many other fields. A blockchain is a shared ledger of transactions between parties in a network. It can diminish the role of intermediaries in the transfer of data. The Organization for Economic Cooperation and Development (OECD) sees far-reaching potential for blockchain in the global economy. Blockchains can vary in the way they operate. One of the prime strengths of a blockchain is its immutability. Once a transaction is made to the ledger, it can not be undone. The first U.S. bitcoin futures exchange-traded fund became available in October 2021. Forty percent of fund selectors report that clients are increasingly demanding cryptocurrency

USFCX_US Foundry Exchange

Search This Blog