“A Key issue for Chairman Powell and Fed policymakers is how the crypto technology will fit into the current US banking system“–Paul Ebeling
Thursday, Chairman Powell said the Fed will publish a Key research paper this Summer on digital currency and seek public input, as he and his colleagues weigh how to proceed in this area.
“We are committed at the Federal Reserve to hearing a wide range of voices on this important issue before making any decision on whether and how to move forward with a US CBDC (central bank digital currencies),” he said in a statement
The announcement, during a week of volatility in cryptocurrencies, marks a shift in momentum on the CBDC topic at the Fed, which until now has mostly been a technological research project at its Boston branch.
Mr. Powell said he wants the Fed to play “a leading role” in the development of international standards. Central banks around the world are moving ahead with digital currencies which may give them a head-start in how standards develop.
Fitting In: A Key issue for Chairman Powell and other Fed officials is how the new technology might fit into the current US banking system, which already deals with electronic payments in several of ways.
Chairman Powell hopes the paper represents a thoughtful process saying, “Irrespective of the conclusion we ultimately reach, we expect to play a leading role in developing international standards for CBDCs, engaging actively with central banks in other jurisdictions as well as regulators and supervisors here in the United States throughout that process.”
Thursday, the US benchmark major stock market indexes finished at:
DJIA +188.11 at 34084.15, NAS Comp +236.00 at 13535.77, S&P 500 +43.44 at 4159.12, and Russell 2000 rose 0.6%.
Volume: Trade on the NYSE came in at 857-M/shares exchanged
- Russell 2000 +11.8% YTD
- DJIA +11.4% YTD
- S&P 500 +10.7% YTD
- NAS Comp +5.0% YTD
HeffX-LTN’s overall technical outlook for the major US stock market indexes is Bullish to Very Bullish long term in here.
Looking Ahead: Investors will receive Existing Home Sales for April and the preliminary IHS Markit Manufacturing and Services PMIs for May Friday.
But 1 Crypto does not mind the volatility, in fact, it was built for it.
GBITS is a Crypto with a difference “Not Just a Token This is a Reinvention of Capital Markets” GBITS is like a Central Bank of an Ecosystem Fees all Cryptos = redistributed to all existing holders New Cryptos = Auto-Distribution of 5% of Total Tokens, the volatility underpins the valuation.
GBITS is also in the early stages of integrating with an exchange that brings together DeFi, traditional Prop Trading as well as listing and Blockchain services.
Have a healthy day, Keep the Faith!