In a world where it just seems you can't make this stuff up; I would be wrong. We live in an age of dystopian non-fiction.
"Fed’ Chair Powell spoke at a Bank for International Settlements event discussing digital currencies"
Central bank digital dollar is coming like we all anticipated; but the fix isn't in just yet. There are many roadblocks to 'controlling the currency'. Pegged digital currencies may come under attack as only CBDC (Central Bank Digital Currencies) should be the only valid pegs. Not only that getting it into the 'old' financial system will have many hurdles.
Central Bank Digital Currencies are a central banks wet dream. Imagine you can tax and question the most miniscule transactions all recorded on 'their' blockchain. Getting older cash driven clientele will as well be a huge challenge. Outfits which rely on cash (including criminal) may not like CBDC either.
Powell said that “a dollar CBDC would have potentially large implications here and around the world”, and "crypto is more like gold than the dollar".
“Crypto assets are highly volatile, and therefore are not really useful as a store of value, and they’re not backed by anything,” he said.
“They’re more of an asset for speculation, so they’re not particularly in use as a means of payment. It’s more a speculative asset. It’s essentially a substitute for gold rather than for the dollar.”
Treasury Secretary Janet Yellen has also stated her 'distaste' for decentralized cryptocurrencies. Here on Hive we talk about circle-jerking and these two are two pee's in a pod. Bitcoin has dropped almost $1,000 following his response but this FUD is similar to CHINA or INDIA hating the 'asset'.
In my blog I have repeatedly spoken about how manipulated paper gold on the comex has been. I guess GOLD is as well a speculative asset? No, gold is in essence a circle jerk game for the FED/GOVERNMENT as well. They will confiscate it, manipulate it and give the green light to 'private' intuitions such as J.P Morgan to do whatever they please. Anything a direct threat to false paper fiat pushers is 'unliked' unless it is under complete control. BTC is not so easily manipulated. Sure our wallets are 'encrypted', but you can see inside any wallet and where it moves from. Any central bank will have difficulty manipulating BTC price and movement. Create a wallet? We see it. Hold a large amount of Bitcoin? We see it.
"Stablecoins will not serve as the basis for the global financial system in the future". China is being eyed as the first CBCD; as it has been eyed at control in many other way's as well. That's more of a heated remark, but we can see where this is going in the next couple of years.
With that being said, crypto taking a small hit, US 10 year creeping up (until yield control), and the dollar has slight pressure.
Markets don't seem to mind as long as the money printing and buying continue.