• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer
  • About us
  • Write for us
  • Terms and Conditions
  • Privacy Policy
  • Disclaimer
  • Contact
  • All Posts
  • Advertise

TronWeekly

Crypto World News

  • Home
  • Education
    • Best TRON Wallets
    • Beginner’s guide to TRON
  • Opinion
    • Tron Tokens
    • Market Analysis
  • Industry
    • Tron Exchange
    • Project Review
  • Press Release
  • Advertise
  • About us
    • The Team
    • Editorial Policy
    • Write for us
    • Privacy Policy
    • Disclaimer
    • Terms and Conditions
    • Contact
You are here: Home / Archives for federal reserve

federal reserve

America’s New Comptroller Of The Currency is a Blockchain & Bitcoin Bull

June 15, 2020 by Yvette Mwendwa

The new American Comptroller Of The Currency, Brian Brooks, is currently the new top banking regulator for President Donald Trump’s administration. Formerly, Brooks served as Chief Legal Officer of Major San Francisco’s Coinbase Digital Currency Exchange Platform.

Brooks’ appointment as an acting-Comptroller Of The Currency is a clear message that Blockchain is not a drawback; according to Brooks, Blockchain is a modern-day solution to our problems. While speaking to Forbes, Brooks said:

“Blockchain has potential to connect up, in a decentralized network, all kinds of data. It has the ability to create large, friction-free, decentralized networks of people. There is huge and great promise in Blockchain and crypto.”

Brooks bullish on bitcoin

Brooks also spoke comprehensively about digital currencies, regulations, and technology in general. While discussing cryptocurrencies in general, America’s new Comptroller Of The Currency specifically cited Bitcoin, Ethereum, and Ripple as solutions to multiple setbacks faced by more than a thousand banking institutions.

Recently, on 2 June, Brooks proposed a regulation aimed at rewriting the current “Bank Digital Activities” laws. The request for comments and public opinion signed by the new Comptroller Of The Currency includes the question of how artificial intelligence and blockchain technologies could be integrated into strict banking regulations.

America’s new Comptroller Of The Currency urges FED to adopt Blockchain in money transfer

Brooks is more troubled about the outdated techniques that financial institutions use to transfer money. He says:

“It takes three days if you’re trying to send money from the US to Europe… on the SWIFT network. Your money is at risk during that period. And even when the money is transmitted, foreign exchange fees are incurred. But a digital representation of value on both sides of the transaction can eliminate that friction and those costs.”

According to Brooks, the fact that other nations are developing modern payment systems is a threat to the United States. He also aims sly dig at the Federal Reserve, claiming that it is slow in adopting modern money transfer methods such as Blockchain, which are instantaneous.

Filed Under: News Tagged With: America, Bitcoin (BTC), Blockchain, Brian Brooks, central bank, comptroller of the currency, Cross border transfer, federal reserve, money transfer, United States

Bitcoin Price to Hit $75k in Three Years Time; Rich Dad Poor Dad Author Predicts

May 18, 2020 by Arnold Kirimi

Robert Kiyosaki, an entrepreneur and best-selling author of Rich Dad’s book, Poor Dad, on Twitter, said he was optimistic that the Bitcoin price would reach $75,000 in three years. In addition, he shared his concern about the declining economy as a result of the coronavirus pandemic, leading him to buy three valuable assets, including bitcoin, gold and silver.

Through a viral tweet, Kiyosaki reveals that he is working hard on hard assets such as gold and BTC to get ready for a viable economic crash, driven by ill-advised government policies. In addition, through a tweet, he points out how valuable each asset might be in the future. Tweets:

“Bought more gold silver Bitcoin. GOLD [currently] at $1700. Predict $3000 in 1 year. Silver [currently] at $17. Predict $40 in 5 years. Bitcoin [currently] at $9800. Predict $75000 in 3 years.”

Bitcoin price to surge by 97 percent annually

In numbers, his prediction shows an estimated annual increase of almost 76%, 19%, and 97% for gold, silver, and bitcoin, respectively. According to this estimate, Kiyosaki expects Bitcoin to have the most flattering benefit potential of the three properties.

Indeed, this is not the initial time Kiyosaki has shared his bullish BTC sentiments, set forth the virtues of the flagship cryptocurrency, and blockchain technology. The Rich Dad, Poor Dad author has in recent times expressed his confidence in the successful future of blockchain technology on several occasions.

Economies weakening 

In fact, current statistics are a good example of Kiyosaki ‘s latest sentiments about the economy. Retail sales dropped dramatically by 16.4 per cent back in April, while production performance decreased by a low 13.7 per cent.

Meanwhile, the Federal Reserve banks on the United States economy are expected to fall by the end of Q2 this year. According to investment analyst Sebastian Sienkiewicz, the Fed is looking at significant monthly information to predict a 48.07 per cent annual decline in US GDP in Q2.

Filed Under: Bitcoin News Tagged With: Bitcoin (BTC), federal reserve, Gold, Kiyosaki, silver, US

$2 Trillion Covid-19 Stimulus Project could Propel Bitcoin Dynamics

March 27, 2020 by Richard M Adrian

Following the specifics of a major coronavirus stimulus project, Congress could devote at least $350 billion to SME loans, $250 billion to unemployment insurance benefits, and $500 billion to Carter for businesses in distress. U.S. Congress senior leaders have outlined up to $250 billion in direct cash transfers a proposal previously proposed by Republicans.

The U.S. Federal Reserve is still considering increasing its balance sheet. In fact, Congress is expected to have a balance sheet consisting of market-supporting bonds and the overall economy, a number estimated to be neighboring $10 trillion.

Largest Assistance Program in US History

An earlier proposal indicated the need to improve the economy during this challenging period.  President Trump’s chief economic advisor, Larry Kudlow, referred to the Coronavirus stimulus package as the biggest street assistance plan in history for America. Currently, both the Senate and President Trump have already agreed and are looking forward to adopting the plan.

In addition, the Federal Reserve is also considering sending stimulus money through the digital dollar rather than printing US dollars. Initially, when Congresswoman Maxine Waters proposed the concept of the digital dollar, its use was more theoretical than practical.

Now the use of a stablecoin issued by the central bank has taken shape and found an urgent use. For example projects such as eThaler will take on new frontiers and have fresh meaning by using blockchain to build CBDCs.

Trillions of Fed Reserve Dollars Means High Bitcoin Valuation

The Federal Reserve does definitely not issue money to banks as a means of directing the cash to state businesses, customers and vulnerable populations. If the funds are issued by intermediaries, there is a risk that they will trickle down, hence the need for a digital dollar.Meanwhile, the cryptocurrency community has reacted to the news with mixed feelings of celebration and astonishment.

Cryptocurrency hedge fund Morgan Creek noted that a stimulus of at least $6 trillion from the federal reserve could buy the entire bitcoin capitalization 48 times. The stimulus project will certainly surpass the value and timing of the financial crises of 2008, in terms of intensity and according to economics experts. This excludes all other stimulus plans in the wake of Coronavirus that are being implemented by a number of central banks and governments around the world.

However, the idea of digitizing the stimulus plan has come with a wide range of skepticism. A side of the blockchain community feels that the federal reserve issuing digital dollars makes a middleman a fact that the blockchain deems unnecessary.

Furthermore, another section of the community finds blockchains necessary for digital money.Given that most of the world’s financial dynamics are driven digitally.Nevertheless, this is a question for the Federal Reserve as it implements digital dollar issuance over the Ethereum blockchain.

Galaxy Digital’s Mike Novogratz shared his sentiments:

“If there was ever a time—debasement of fiat currencies, monetization of trillions of dollars of debt, this is the time for bitcoin,”

Adding he’d be astonished that bitcoin would close this year with no higher pricing. Meanwhile, there are still questions as to why the price of bitcoin has not yet reacted to the stimulus plan.

Cryptocurrency experts have attempted to explain the frenzy, claiming such dynamics always take time to establish.

Filed Under: Bitcoin News Tagged With: Bitcoin (BTC), Central Bank Digital Currencies, federal reserve

Federal Reserve Cuts Rates to Near Zero as Coronavirus Continues its Rampage, Bitcoin Falls Again

March 16, 2020 by Ketaki Dixit

The United States economy has been swaying in the wind for some time now as the country has been plagued by multiple factors. The impact of Coronavirus was a double whammy on the financial system that was already on its knees.

To ensure that the economy does not tank completely due to the closures of offices and organizations, the Federal Reserve on Sunday decided to cut the target fed fund rates again. The cut was a record-breaker because it was four times as much as the change predicted.

The Coronavirus spread has resulted in such a phase shift that countries across the globe have been bracing for effects across industries. This meant at the same time protecting the economy, the industry and the wellbeing of all people. The US-adopted Zero Interest Rate Strategy was achieved at the meeting of the Federal Open Market Committee, which was moved from Tuesday to Sunday.

The last time the US saw such a rate cut was right after the start of the 2008 global recession. Interest rates between 0 and 0.25 points were treated as markers for  shakeup in the financial ecosystem. In 2018, the rate as 2.5 percent which was routinely cut down over multiple weeks in 2020. According to an official publication by the Federal Reserve:

“Consistent with its statutory mandate, the Federal Open Market Committee seeks to foster maximum employment and price stability. The effects of the Coronavirus will weigh on economic activity in the near term and pose risks to the economic outlook. In light of these developments, the Committee decided to lower the target range for the federal funds rate to 0 to 1/4 percent. The Committee expects to maintain this target range until it is confident that the economy has weathered recent events and is on track to achieve its maximum employment and price stability goals.”

The Fed claimed that it will continue to monitor the implications of incoming information for the country’s economic outlook. To make sure that all citizens have a level playing field, the Fed will take into account factors such as labor market conditions, indicators of inflation pressures etc. America’s financial regulators were also prepared to support the flow of credit to households and businesses.

As the Fed begins preparations to tackle the fallout of the Coronavirus spread, Bitcoin continued to drop in value. The world’s largest cryptocurrency had fallen by more than 7 percent in the past 24 hours and was trading for $4895. The total BTC market cap was $89.4 billion while the daily market volume was $37.6 billion. Bitcoin’s fall sent shockwaves across the industry because it took a massive hit despite being known as a ‘safe haven’ asset.

While Bitcoin struggled to cross the $5000 mark, the Fed also decided to buy $500 billion in US Treasury bonds. The body will also purchase $200 billion in mortgage-backed securities, an asset becoming increasingly popular in the States. Taking into account all the purchases made by the Fed, it was calculated that the Reserve’s balance was up to $5 trillion.

Only time will tell if the current pandemic scare continues to affect world industries. Regions such as Italy and Spain continued to report new cases as societal lock-downs became more and more common. The Federal Reserve will hope that the virus is brought under control soon so that its effects do not become set in stone.

 

Filed Under: Bitcoin News, News Tagged With: Bitcoin (BTC), BTC market cap, Coronavirus spread, Federal Open Market Committee, federal reserve, United States, US Treasury

US Treasury to Introduce New Cryptocurrency Regulations

February 16, 2020 by Richard M Adrian

The US Treasury plans to introduce new rules and regulations  on Digital currencies intended to crack down on its use to facilitate money laundering and other illicit activities

Steven Mnuchin, the treasury secretary told a Senate Finance Committee that the Financial Crimes Enforcement Network will soon announce new rules on digital payment and cryptocurrency. The primary concern with digital currency adoption is the issue of scams, opacity and ambiguous trade-offs that seem unconventional to traditional finance. Mnuchin hopes the new rules to improve transparency in order to stop money laundering and will prevent the use of cryptocurrencies as a “secret bank accounts”.

The US administration has expressed concern about the increased use of crypto in the execution of anonymous and illegal transactions. Additionally, the lurking potential of evading American Sanctions by nations like North Korea and Iran remains a huge threat to the blockchain. 

He did not hesitate to suggest that the framework was a representation of the government’s support for the new technology; as well as caution of avoiding digital currencies becoming the equivalent of the ancient Swiss Secret number banking. Nonetheless, the charing did not provide further details entailing the new regulations. However, the Treasure Secretary highlighted they would offer improved transparency for law enforcement; and a guide for the enforcement to track where money was going and prevent laundering. 

President Trump was not hesitant to express skepticism about digital currencies. Last year, the president told Twitter followers that he is “not a fan” of Bitcoin and other cryptocurrencies. Adding to the note, he described cryptocurrencies as volatile and based on thin air. Furthermore, he would warn Facebook that they should seek a banking charter and adhere to banking regulations; if they were to issue a digital currency. 

Mr. Mnuchin’s efforts to closely monitor cryptocurrency saw the relocation of the Secret Service towards the treasure Department, rather than Homeland Security. In the White House Budget proposal released this week, the administration cited the efficiency of policing cryptocurrencies through the treasury department and the secret service. White House has identified how cryptocurrencies are used as an emerging threat.

Nevertheless, the United States Federal Reserve stated in a separate hearing; that it was exploring how a US digital currency would look like. The Federal Reserve said it had studied the costs and benefits of implementing the digital currency. As well as the implications of the same in the global economy. However, Mr. Mnuchin had stated on Wednesday that he didn’t believe a digital dollar was even necessary. 

But the Secretary said it was also a project to consider somewhere down the road. For instance, Jerome Powell noted that a Federal Reserve digital currency also posed the threat of low privacy and high fraud. The Chair of the Federal Reserve, Mr. Powell stated: 

“There’s a lot to weigh and a lot to work on there. Every major central bank in the world right now is doing a deep dive on digital currencies, and we think it is our responsibility to be at the very forefront of knowledge and thinking about a central bank digital currency.”

The creation and deployment of one such government-issued digital currency would need approval from congress. 

Filed Under: Industry, News Tagged With: Crypto Regulations, digital, Digital Currency, Digital Dollar, federal reserve, Financial Crime Enforcement Network, Money laundering, United States

Primary Sidebar

Recent Posts

  • Polkadot’s [DOT] Pullback Near $30 Appears Imminent March 8, 2021
  • Ethereum [ETH] Whales Now Owns ~70% Of Total Supply March 7, 2021
  • Did Justin Sun Just Bid $2M On Jack Dorsey’s First Tweet NFT? March 7, 2021
  • Ethereum Devs Induce EIP-1559 Into London Hard Fork; Will The Miners Revolt? March 7, 2021
  • Ethereum [ETH] Seeks Help From The Bulls To Get Back On Its Feet March 6, 2021


Footer

News

  • Altcoin News
  • Bitcoin News
  • Blockchain
  • Tron News
  • World

Digest

  • Meet the Founder
  • Price Winning Article
  • DeFi
  • Cyber Security
  • Crypto Scam

Industry

  • Project Review
  • Technology
  • Fintech
  • Tron Exchange
  • New in Town

Tron Universe

  • Event and Tron Parties
  • New in Town
  • Tron Tokens

Follow Us

Subscribe US

Copyright © 2021 · Tron Weekly. All Rights Reserved. NOTE: Tron Weekly is an independent crypto news site that adheres to the strict journalism policy anchored on transparency, trust, and objectivity, we have no affiliation with the TRON Foundation, its founder Justin Sun or any other cryptocurrency firm.