|From: Glenn Petersen||9/22/2021 5:39:39 PM|
|The Fed is evaluating whether to launch a digital currency and in what form, Powell says|
PUBLISHED WED, SEP 22 20213:25 PM EDT
UPDATED AN HOUR AGO
Jeff Cox @JEFF.COX.7528 @JEFFCOXCNBCCOM
The Federal Reserve is pushing ahead with its study into whether to implement its own digital currency and will be releasing a paper on the issue shortly, Chairman Jerome Powell said Wednesday.
No decision has been made on the matter yet, he added, and said the Fed does not feel pressured to do something quickly as other nations move forward with their own projects.
“I think it’s important that we get to a place where we can make an informed decision about this and do so expeditiously,” Powell said at his post-meeting news conference. “I don’t think we’re behind. I think it’s more important to do this right than to do it fast.”
Powell added that the Fed is “working proactively to evaluate whether to issue a CBDC, and if so in what form.”
Establishing a digital dollar has been for more than a year, and it announced in May it would launch a deeper examination into the issue with a paper to follow.
The Boston Fed has taken point on the project, joining with MIT in an initiative on whether the central bank should establish its own digital coin targeted at making the payments system more effective. Fed Governor Lael Brainard has been a strong advocate of the effort, though several other officials, including Vice Chair for Supervision Randal Quarles, have cast doubts.
Advocates such as Brainard say a central bank digital currency’s benefits include getting payments quickly to people in times of crisis and also providing services to the unbanked.
“We think it’s really important that the central bank maintain a stable currency and payments system for the public’s benefit. That’s one of our jobs,” he said. He noted the “transformational innovation” in the area of digital payments and said the Fed is continuing to do work on the matter, including its own FedNow system expected to go online in 2023.
The test for a CBDC, he said, is “are there clear and tangible benefits that outweigh any costs and risks.”
However, a larger drumbeat has been building as central banks, most notably China, have moved forth with their own plans and begun the first stages of implementation.
Some concerns even have been raised that if the Fed does not act more aggressively, the dollar’s position as the global reserve currency could be challenged.
Powell noted the dollar’s position in the world and said the Fed is “in a good place” to make a decision on whether to implement its own digital currency. He expressed some concern about the regulatory landscape and said the Fed likely will need congressional permission should it decide to proceed.
“Where the public’s money is concerned, we need to make sure that appropriate regulatory protections are in place, and today there really are not in some cases,” Powell said.
The Fed is evaluating whether to launch a digital currency and in what form, Powell says (cnbc.com)
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|From: Glenn Petersen||9/23/2021 1:35:42 PM|
|You can now get paid in bitcoin to use Twitter|
PUBLISHED THU, SEP 23 20211:00 PM EDT
UPDATED 29 MIN AGO
Salvador Rodriguez @SAL19
-- Twitter will now allow users to tip their favorite creators on the social network using bitcoin.
-- The company announced on Thursday that its Tips feature will now roll out globally to all Apple iOS users this week and will become available for Android users in the coming weeks.
-- The integration of bitcoin to Twitter’s tip feature is hardly surprising considering CEO Jack Dorsey is one of the most vocal supporters of the cryptocurrency.
Twitter on Thursday announced it will now allow users to tip their favorite creators on the social network using bitcoin.
The company introduced tipping as a test feature back in May as a way to experiment with helping creators earn payments from their followers for the content they post on Twitter. The company announced Thursday that its Tips feature will now roll out globally to all Apple iOS users this week and will become available for Android users in the coming weeks.
Previously, users could tip with fiat currency using more traditional payment services such as Square’s Cash app and PayPal’s Venmo. Twitter will integrate the Strike bitcoin lighting wallet service so creators can receive bitcoin tips. The company will also allow users to add their bitcoin address to send and receive these cryptocurrency tips.
Twitter does not take a cut of any money sent through its Tips feature.
The integration of bitcoin to Twitter’s tip feature is hardly surprising considering CEO Jack Dorsey is one of the most vocal supporters of the cryptocurrency.
In just the past few months, Dorsey has tweeted that he is trying his hand at bitcoin mining. He said he doesn’t think there is anything more important to work on than bitcoin and he has even said that his hope is bitcoin will bring about world peace.
Additionally, Twitter on Thursday said it is also experimenting with a feature that would allow users to authenticate and showcase their collections of NFT digital assets on the social network. The company did not provide much detail or any specifics about this blockchain project, but said it’s another way to support creators who make digital art.
Besides blockchain, Twitter also announced its plans to launch a creator fund for users who host Spaces audio rooms as a way to incentivize more live audio events. Last year, the company debuted Spaces, which is a feature where users can hear and chat with others in audio-only virtual rooms. The company hopes the upcoming fund will incentivize more users to host live audio events on Twitter.
You can now get paid in bitcoin to use Twitter (cnbc.com)
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