The Bank of England (BoE) is not opposed to issuing its own digital currency, a stance that is a reversal of the central bank’s commentary on the matter issued earlier this year.
BoE Governor Mark Carney “said he was open-minded about the prospect of a central-bank-issued digital currency, but added such a thing was not imminent, and that cryptocurrencies currently don’t perform the role of money,” reports Bloomberg.
Previously, Carney said bitcoin, the largest digital currency by market capitalization, has failed as a legitimate currency and as a store of value.
“It has pretty much failed thus far on … the traditional aspects of money. It is not a store of value because it is all over the map. Nobody uses it as a medium of exchange,” Carney said earlier this year.
Reversing Course…Sort Of
While Carney’s new found open-minded nature to a BoE-issued digital currency may appear like a significant reversal of his previous views, it is not exactly an overt endorsement either.
“He was quick to point out that a central-bank-issued digital currency was not yet on the horizon. He added that cryptocurrencies do not perform the role of money. While not exactly ringing endorsement, it is nonetheless a far cry from his previous dismissal of Bitcoin as a failed currency and store of value,” reports Bitcoinist.
Global central banks have differing views on digital currencies. Some believe the asset class is viable, assuming more regulations are implemented. Others have moved to outright ban cryptos in their countries. Others have expressed interest in issuing their own digital coins.
BoE recently published research on various models of possible central-bank-issued digital assets.
“Electronic central bank money is not a new concept,” according to BoE. “It has existed for decades, most ubiquitously as balances (commonly referred to as ‘reserves’) that are held by commercial banks and other selected financial institutions at the central bank to facilitate electronic settlement in
Real Time Gross Settlement (RTGS) systems.”
“Cryptocurrency is a great idea” – Ron Paul
During a recent “Squawk Alley” interview, Former Republican congressman and presidential candidate, Ron Paul- discusses how he is in favor of cryptocurrencies as well as block change technology. Apparently, he enjoys competing currencies and believes they are a good idea.
He also believes that the governments only have the right to step in to prevent fraud from taking place. In the interview, Paul states that, “the government has a role. And if somebody has a case that there is fraud, I think it should be investigated.” Paul then goes on to state that what he wants to do “is legalize the freedom of choice, absent blatant fraud.” Agreeably so, this is exactly the type of perspective that the crypto world needs.
Throughout the interview, Paul compares crypto to gold in many ways. He points out how both assets are competing with traditional fiat money. He discusses how our government has never been “very tolerant of competition, and they’re not even tolerant with using the Constitution to compete with the fiat dollar. Because gold and silver, you can’t use it.”
This isn’t the first time that Ron Paul has discussed his views on crypto. Back in 2014, the Former Republican Congressman displayed his concerns about the foundation of crypto and Bitcoin. However, he acquired a bearish pro-crypto outlook on the future of fiat money. Paul believes that the dollar won’t last long as “they all self-destruct.” According to Paul, the only competition for the dollar is the euro and yen- which “isn’t any good.”
33 CryptoCurrencies In 4 Words Or Less
We put together this list to describe the top cryptocurrencies that are worth your time in 2019.
Each gets four words. There are many!
Hopefully this provides orientation.
Scroll Down To View An Awesome Infographic from MrBtc.org!
Is The IRS Coming For Your Secret Crypto Stash?
Whether we like it or not, the IRS may be coming for our secret crypto stashes. According to a recently leaked internal training guide, in order to locate people’s secret cryptocurrency stashes, the IRS may start sending subpoenas to tech companies.
In order to help protect yourself and your stash, we recommend you check out the full guide. Initiated by Laura Walter, a CPA, the guide showcases an assortment of tactics that the IRS will be using to track down and detect undisclosed cryptocurrency. Some of these tactics include obtaining bank records as well as app download history and activity.
Just last month, the slides were presented to the staffers of the IRS at an event at the World Bank in Washington D.C. It has also been noted that the IRS will be presenting the training guide to law enforcement agencies as well as other partners from countless countries around the world.
This particular guide goes over the basic concepts and definitions surrounding the cryptocurrency world. It also outlines the tactics the agents will be using to track down hidden wallets. This includes social media monitoring as well as credit card statements, PayPal activity, bank statements, etc.
For those who are concerned about protecting their crypto stash, it is important to be informed about the actions of the IRS and their planned tactics. Awareness is key. Check out the guide and protect your assets!
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