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【10 days node data】
Fed Chairman Powell: If the dollar is digital, bitcoin will disappear
Federal Reserve Chairman Jerome Powell has come forward to discuss bitcoin and other cryptocurrencies with the U.S. Financial Services Committee, LiveBitcoinNews reports. He told the panel that if the U.S. had its own digital currency, bitcoin would be useless and would eventually disappear. Powell explained: One of the arguments in favor of a digital currency: you don’t need a stable coin. If you have a digital U.S. currency, you don’t need cryptocurrencies. He made it clear during the meeting that the U.S. is investigating the situation but is unlikely to make any final decisions in the near future. The country still relies heavily on the U.S. dollar and introducing the currency in digital form could be a turn-off for many. Several other countries (such as China) are currently working to introduce people to digital forms of their currencies, meaning the U.S. could fall behind in virtual development.
RBI official: India must accelerate the pace of blockchain and Industry 4.0 promotion
According to YourStory, Amitabh Rajan, chairman of the Reserve Bank of India Services Board, recently said during a discussion on “The Future of Banking” at the BFSI Leadership Summit that India must accelerate the pace of blockchain and Industry 4.0. On the blockchain front, he highlighted regulatory issues, citing three judges who lifted the 2018 central bank ban on cryptocurrency exchanges and startups last year by trying to understand the concept of cryptocurrency. He noted that “fiscal and monetary issues ultimately come down to policy decisions.” In the aftermath of the global financial crisis, many arguments that markets should be free to operate and reinvent themselves without government intervention no longer hold water, and India urgently needs to develop a regulatory framework for blockchain and virtual assets, and the sooner a decision is made, the better.
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