Coinatory

Elon Musk Fuels Debate on Federal Reserve’s Future by Reposting Senator’s Call to Abolish Central Bank The United States dollar has seen a dramatic 96% drop in purchasing power since the inception of the Federal Reserve in 1913. This decline has spurred ongoing debate over the role and influence of the U.S. central bank in monetary policy—a debate amplified recently when Elon Musk reposted a statement by Utah Senator Mike Lee advocating for the dissolution of the Federal Reserve. In his original post, Senator Lee criticized Federal Reserve Cha... crypto news

Brazil Central Bank Opens Applications for Drex Digital Currency Pilot The Central Bank of Brazil has officially opened the application process for its central bank digital currency (CBDC) pilot, Drex, from October 14 through November 29. This marks the second phase of Brazil’s ongoing efforts to develop its digital real. Thirteen proposals, encompassing complex applications of the tokenized real, have already received approval. These applications include government-backed loans, agribusiness assets, public netw... cryptonews today

On February 7, the Reserve Bank of South Korea warned its counterparts from other countries about the risks that, according to the regulator, are related to digital currencies of central banks (CBDC). A new statement was made shortly after the financial institution announced that it did not intend to issue its own cryptocurrency. CBDC, which can also be understood as a state-supported or government-controlled digital currency, includes a transaction system on the blockchain. In fact, it is a digital analogue of the state fiat currency. However, many analysts criticize this model, believing that the blockchain is more like decentralized cryptocurrencies. Currently, several countries are considering whether the release of CBDC is ... Read more about " South Korean regulator warned against central bank cryptocurrencies " on coinatory.com

An Israeli research group studying digital currencies recommends that the country"s central bank refrain from issuing its own token, according to a November 6 press release. An inter-ministerial research group, created in November 2017 by the Governor of the Bank of Israel (BOI) to “explore the issue of digital currencies of the central bank [CBDC]”, released its report this week. It says: Central banks around the world are examining the possibility of issuing digital currency and/or using distributed technologies in the payment systems, but no advanced economy has yet issued digital currency for broad use. The Bank of Israel has also established a team to study the issue. The team does not recommend that the Bank of Israel iss ... Read more about " Central Bank of Israel will not issue its own digital currency for now " on coinatory.com

Russian police seized all the crypto ATMs of BBFpro, which were located in nine cities. According to the head of BBFpro Artem Bedarev, the company did not receive preliminary inquiries from the prosecutor"s office and even has no idea what happened the crypto ATMs that belonged to the company. However, according to him, one of the police officers said that the check is carried out on behalf of the Prosecutor General"s Office on the basis of a letter from the Bank of Russia (Central Bank). The company had only 22 crypto ATMs located ... Read more about " Crypto regulations, Russian style " on coinatory.com

Mining was called "new oil" in Kazakhstan and they want to strongly encourage the mining of cryptocurrency. This was told by the vice-president of the Association of the blockchain and the cryptocurrency of Kazakhstan Leonid Muraviev. The official explained that mining, the rise in the price of bitcoin and, of the cryptocurrencies in general, can positively affect the economic development of the country. The potential of Kazakhstan allows providing electricity to about half of all miners that mine cryptocurrency in different countries ... Read more about " Mining in Kazakhstan will be encouraged " on coinatory.com

Outstanding economist and editorial director of the American Institute of Economic Research (AEIR) Jeffrey Tucker called on world governments and central banks to reject the idea of creating state-supported cryptocurrencies, and instead focus on the reliability of fiat money and the banking system. Tucker said that cryptocurrencies and related infrastructure are the prerogatives of private innovation and entrepreneurship and that governments should not interfere with them. Speaking about ideas on regulating cryptocurrency and strict ... Read more about " Jeffrey Tucker to Governments: Hands off cryptocurrency " on coinatory.com

One of the many questions that have become philosophical, which for a long time causes discussions in the crypto community: Will the central banks of the whole world unite and create their own regulated cryptocurrency, as a replacement for existing decentralized coins? However, this issue is unlikely to emerge from nowhere, as digital payments, according to various estimates, will reach a quantitative mark of 726 billion by 2020, as digital payment systems are rapidly gaining momentum, presenting an increasing threat to traditional cash ... Read more about " Why central banks don"t care about bitcoin? " on coinatory.com

The Central Bank of South Africa successfully tested the blockchain Quorum in the interbank payment system. Such information was provided by the media. According to the central bank"s report, all the goals of the "Hoha" project, at this stage, were successfully achieved, including the creation of an interbank payment system based on blockchain Quorum. Now, a group of researchers will focus on identifying problems with the stability, scalability, and confidentiality of the platform. SARB today fully controls the South African interbank ... Read more about " Central Bank of South Africa successfully tested blockchain in the interbank payments " on coinatory.com