The Financial Stability Board and the International Monetary Fund are preparing to release a document urging worldwide cooperation on cryptocurrency policies during the upcoming G20 summit scheduled for this weekend.
The report noted that the news of SpaceX, led by Elon Musk, writing off a portion of its Bitcoin holdings in the previous quarter, played an added role in fueling the correction within the cryptocurrency markets in August.
The authorization establishes Coinbase as the pioneering crypto-centric platform to provide regulated and leveraged cryptocurrency futures in conjunction with conventional spot trading.
Kashkari elaborated: The bitcoin and cryptocurrency, it’s basically, it’s like a giant garbage dumpster. The reason that the dollar has value is because the U.S. government has a legal monopoly on producing the dollar. Minneapolis Federal Reserve President Neel Kashkari.
Nick Weaver: “Cryptocurrencies don’t actually work as currency”; “they are deliberately incompatible with the rest of the financial system”; “Most merchants who accept cryptocurrency aren’t actually accepting cryptocurrency, they’re using a service that turns it into dollars”; “they are provably inferior to alternative payment mechanisms.”
So Is Blockchain. Overwhelming evidence shows that the blockchain/cryptocurrency space is mostly fraudulent Note: Amy Castor and David Gerard provided extensive commentary, editorial help, and in some cases the actual words used in this piece. I have been writing about cryptocurrencies since at least 2013.
That is the only reason crypto was not a complete waste of time – but that time has passed. Subscribe to the City A.M. newsletter to have our top stories delivered directly to your inbox.
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