The official of the FED of New York noted that the stablecoins and the CBDC have a lot of potential to innovate what we know today.
- “Vendrán cambios fundamentales en el dinero y en los pagos” says the president of the FED New York.
- CBDC and stablecoins have a lot of potential to innovate.
- Great interest in the U.S. in regulating stablecoins after what happened with Earth.
The President and CEO of Federal Reserve Bank of New York John Williams warned his colleagues, bank officials, financial industry representatives and other stakeholders to prepare for the fundamental change that will come to money and payments in the future.
Money and payments will change change — a concept relevant to cryptocurrencies that use the UTXO model — is the number of coins sent back to a user after they use their unspent outputs to initiate a transaction. in fundamental ways
Williams’ remarks came during the opening of a workshop on monetary policy organized by the FED The representative of the entity presented to the attendees some reflections and considerations on the changes that will come in the future in financial matters.
In this regard, Williams made the point that the technology Blockchain a distributed ledger system. A sequence of blocks, or units of digital information, stored consecutively in a public database. The basis for cryptocurrencies. brought major changes to the conception of value, and highlighted the benefits that this can have for central banks and CBDC, which would be an evolution of what we know today, with great potential for innovation.
In this context, Williams also highlighted that attention should be paid to stablecoins backed by liquid and secure assets, which could also bring big changes to the system currently in use. Here he clearly pointed to proposals other than algorithmic models such as Terra’s failed UST, which ended up hurting a lot of users after the loss of its parity with the US dollar.
However, Williams noted that even as times and technologies change, the role of the bank of the Reserva Federal In essence, it will always be the same, and that is to ensure that monetary policies continue to work in the best possible way in response to contexts and situations:
“As central bankers, it is critical that we stay focused on carrying out our responsibilities, while keeping pace with the world around us.”
USA and cryptocurrencies
Williams’ comments highlight how present the new technologies are in the different spheres of the U.S. and international economy, so the invitation is to learn more about these issues instead of being rooted to the old models.
It is worth noting that President Joe Biden signed an executive order this year asking all government agencies to articulate efforts to closely examine cryptocurrencies, this with the intention of critically addressing these technologies, exploring their usefulness and always keeping in mind the protection of U.S. residents, even considering the possibility of issuing a CBDC.
For his part, the president of the FED, Jerome Powell, has also highlighted the need for the US to consider issuing a digital digital technologies are these electronic tools that have the ability to generate, store or even process data. dollar, for which they could take the necessary time since the emphasis would be on creating a product that fits the needs of the country, and not replicate what others are doing, as is the case of China with its digital yuan.
- Fed Vice Chairwoman: stablecoins can be a “significant” risk
- Fed discovers surge in Bitcoin the biggest and most popular cryptocurrency in the world. It is a decentralized digital currency that enables users to make trustless peer-to-peer transactions. adoption in the U.S.: 12% of the population owns crypto
- Former US Fed Chairman: “I don’t think Bitcoin will take over as an alternative form of money.”
Version by Angel Di Matteo / DiarioBitcoin
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