
Striking the right balance between work and freedom
The coronavirus pandemic has prompted us to rethink how we work in so many ways, including where we work — whether …
March 23, 2021: On Monday, Federal Reserve Chairman Jerome Powell said that cryptocurrencies remain an unstable store of value, and the central bank is not in a hurry to introduce a competitor.
“They’re highly volatile and therefore not useful stores of value, and they’re not backed by anything,” Powell said in a virtual panel discussion on digital banking hosted by the Bank for International Settlements.
Powell spoke when bitcoin was decreasing on Coinbase but still trading around $57,000 a piece. The cryptocurrency has soared in price over the last seven months amid a flurry in trading activity and growing acceptance in the financial industry.
In the past years, the Fed worked on its own payments system that facilitates the fast transfer of money, with the unveiling of the product to happen in the next two years.
Regarding the latter issue, Powell said, Fed is taking time before moving into anything.
“To move forward on this, we would need buy-in from Congress, from the administration, from broad elements of the public, and we haven’t begun the job of that public engagement,” he said.
Last year, the Boston Fed entered into a partnership with the Massachusetts Institute of Technology on a multi-year study into creating a central bank digital currency. The work will take two to three years and even then is focused on the hypotheticals of a foremost bank-sponsored cryptocurrency rather than imminent implementation.
Powell said Congress likely would have to pass some enabling legislation before the Fed could proceed with its currency.
He noted that the Covid-19 pandemic emphasized the importance of developing better payment systems so money can get quickly to those in need.
“It highlighted across a whole range of things the disparate impact of so many things on poor and lower and moderate-income communities,” Powell said.
The coronavirus pandemic has prompted us to rethink how we work in so many ways, including where we work — whether …
Many countries are now welcoming employees back to work after a long period of uncertainty caused by the …
People who have an entrepreneurial mindset learn to spot new opportunities and create value inside a business naturally and …
COVID-19 has made routine modern-day disruptions for businesses even more challenging, impacting everything …
Innovations must be unconventional and ought to push boundaries. Innovation-driven people are …
COVID-19 changed the corporate environment in the blink of an eye, highlighting a vital, often misunderstood truth: that to …
June 30, 2022: -On Tuesday, NATO Secretary-General Jens Stoltenberg said that the most powerful military alliance …
June 30, 2022: -A U.S. Federal Communications Commission leader said that he had asked Apple and Google to remove …
June 30, 2022: -On Wednesday, Bitcoin decreased below $20,000 as several factors, from macroeconomic worries issued …
June 29, 2022: -Siemens Mobility is also a few hydrogen-powered trains for a network in the Berlin-Brande …
Leave us a message
Subscribe
Fill the form our team will contact you
Advertise with us
Fill the form our team will contact you