Speaking before the House Financial Services Committee on Feb. 24, Powell said 2021 “is going to be the year that we engage with the public pretty actively” on the digital dollar project. He added that there are still significant technical challenges to be met, as well as major policy decisions to be made, before the U.S. decides to create a digital dollar.
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‘Crypto is a threat’: Central Bank of Nigeria closes exchanges’ bank accounts
An official of the Central Bank suggested that cryptocurrencies are best suited for illegal uses, and said he was alarmed by their use as a speculative asset
“The question that one may need to ask therefore is, why any entity would disguise its transactions if they were legal," asked Central Bank of Nigeria acting director of corporate communications Osita Nwanisobi. "It is on the basis of this opacity that cryptocurrencies have become well-suited for conducting many illegal activities including money laundering, terrorism financing, purchase of small arms and light weapons, and tax evasion.”
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Will Treasury Secretary Janet Yellen follow through on predecsessor Steven Mnuchin's cold wallet monitoring plan? (Photo: Wikimedia Commons)Good and bad: Treasury delays cold wallet monitoring rule
The delay gives crypto more time to fight it, but shows that regulators plan to press ahead in the new administration
Proposed on Dec. 18, the regulation would require exchanges to collect personal know-your-customer data from private or “unhosted” cold wallets on the sending or receiving end of transactions of more than $3,000. The Financial Crimes Enforcement Network (FinCEN) originally gave the proposal a very unusual 15-day comment period, which included the Christmas and New Year’s holidays.
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Will Treasury Secretary Janet Yellen be good for crypto? The jury is still out (Photo: Wikimedia Commons)Janet Yellen confirmed as Treasury Secretary
While her top financial regulators have strong pro-crypto backgrounds, Quantum Economics’ Mati Greenspan fears that Yellen’s collaboration with international regulators could ‘have very harsh consequences for all of crypto’
Last week, Yellen calmed some fears that arose after she said in her Jan. 21 testimony before the Senate Finance Committee that she wanted to “curtail” the “malign activities” that for which digital assets have been used.
