Bitcoin should be there to allow people to save in the event the government fails, Senator Cynthia Lummis said.
Fiat Money News
Although the crypto space commonly uses the term, many folks may still wonder, “What is fiat money?” The fiat definition is fairly straightforward: Fiat money, also called fiat currency, refers to currencies put out by governing bodies and central banks. Fiat money examples include the U.S. dollar, the Chinese yuan and the Mexican peso. Governments control fiat, meaning it is a centralized form of money tied to the borders of each respective country, for the most part.
Different in its design and control, Bitcoin (BTC) is not a fiat currency. Bitcoin is borderless and decentralized, and governments neither issue nor control it. In general, cryptocurrencies are not fiat currencies, although some stablecoin assets represent certain fiat currencies in digital form.
The Bank of Russia remains skeptical on crypto despite the Russian president viewing it as a potential unit of account.5276
The Bank of Mexico and the National Banking and Securities Commission issued a statement earlier this year warning financial institutions not to deal with digital assets, but the president has not often spoken directly on the subject.2796
The CEO of the British bank believes stablecoins, CBDCs and even NFTs will likely outgrow cryptocurrencies.1979
Co-led by Tiger Global Management and Coatue Management, the VC funding will inject funds worth $400 million into the bootstrapped company.4303
The partnership will enable MoneyGram customers to fund and withdraw from their accounts using the USDC stablecoin at physical branches.8993
The central bank of New Zealand has outlined the major benefits of CBDC designs based on blockchain technology.6021
The development marks another sign of the digital hryvnia project picking up steam.3130
Conflux will provide the technology to launch an offshore RMB stablecoin pegged to China’s CBDC, the digital yuan.8679
Banking giant HSBC echoes global stablecoin concerns, calling for regulation to be equivalent to its adoption level.7371
Crypto doesn’t pose a big risk for the financial system until it’s adopted enough to be less volatile, the NBU said.4595
The Russian government keeps insisting that payments in cryptocurrencies like Bitcoin would ruin its financial system.6873
The Massachusetts senator said that it’s “worth considering” banning U.S. banks from holding the reserves to back private stablecoins.7668
Data from a recent report suggest that enforcement actions from U.S. regulators against those in the crypto space cost those firms less than 1% of that in traditional finance for the last 20 years.7081
Retirees and veterans in El Salvador are worried that the government will start paying their pensions in Bitcoin instead of the U.S. dollar.20305