• Powell Digital dollar high priority
    Cryptocurrencies,  Politics,  Regulation

    Fed’s Powell: 2021 ‘an important year’ for digital dollar

    Federal Reserve Chairman Jerome Powell said 2021 will be a key year for the U.S. as it decides whether to create a digital currency, and what it would look like

    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.

  • Nigeria close crypto bank accounts
    Cryptocurrencies,  Regulation

    ‘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.”

  • Treasury delays cold wallet monitoring
    Regulation

    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.

  • Yellen confirmed Treasury Secretary
    Cryptocurrencies,  People,  Politics,  Regulation

    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.