The bill, introduced by Senator Sherrod Brown (D-Ohio), is not proposing a crypto dollar but a digitized version of the existing dollar, a process advocates including former Commodity Futures Trading Commission Chairman Chris Giancarlo have called for to maintain U.S. financial hegemony.
In low-income areas where the Fed may not be able to have a branch, it will partner with postal retail facilities to carry out this mandate. For access to the digital cash, ATMs will be provided at U.S. Post Offices.
Under the draft bills shared last week, dubbed the “Take Responsibility for Workers and Families Act” and the “Financial Protections and Assistance for America’s Consumers, States, Businesses, and Vulnerable Populations Act,” the Federal Reserve – the nation’s central bank – could use a “digital dollar” and digital wallets to send payments to “qualified individuals,” consisting of $1,000 for minors and $2,000 to legal adults.
While bitcoin’s (BTC) price is rallying, traders have scaled back their open interest positions in bitcoin perpetual contracts listed on the crypto derivatives exchange BitMEX.
As the cryptocurrency market faced one of its worst days on Mar. 12 dubbed “Black Thursday” following Bitcoin‘s crash to $3,600 USD, BitMEX was put in the spotlight following a crash on its system. In a blogpost published on the website, the largest BTC Futures exchange explained what transpired on Mar. 12 and Mar. 13, to give traders a much needed clarity.
Open-source project Celo is calling on blockchain innovators to participate in CeloCamp, an entrepreneurial initiative that seeks to highlight the potential of global financial inclusion, mass adoption of digital money and the acceleration of blockchain startups.
The CFTC published a 35-page document stating that in its view, “actual delivery” occurs when a customer has complete control over the asset and the offeror no longer has any control over the asset by the end of 28 days after the transaction.
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The Kiffmeister is a former Senior Financial Sector Expert at the International Monetary Fund.
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