Crptocurrency
CBDCs and Stablecoin Regulation – Exploring Interest by Fed and BOE
In his farewell address as Deputy Governor of the Bank of England (BOE), Sir Jon Cunliffe delved into the evolution of payment solutions, both past and future. Meanwhile, Vice Chair Michael Barr of the Federal Reserve Board spoke on October 27 about the ongoing research into a central bank digital currency (CBDC) or related technologies. These discussions took place at the Economics of Payments XII Conference, where both Sir Jon Cunliffe and Vice Chair Barr shared their insights.
Vice Chair Barr shed light on the Federal Reserve’s current focus, which revolves around the “end-to-end system architecture,” encompassing ledgers, tokenization, and custody models for an intermediated CBDC. He emphasized the necessity of a congressional mandate before a digital dollar could become a reality, but he also highlighted the importance of learning from domestic and international experiments to guide responsible innovation.
While Vice Chair Barr’s remarks may seem uncontroversial, they evoke Representative Tom Emmer’s earlier call to end the Federal Reserve’s somewhat “sketchy” CBDC research, made in the House of Representatives in September.
Sir Jon Cunliffe, whose decade-long tenure as Deputy Governor concludes on October 31, spoke at the conference a day before Vice Chair Barr. He, too, underscored that no final decision had been made in his country regarding a CBDC. Nevertheless, a consultation paper published in February suggested that current payment trends and technological advancements would likely necessitate a Digital Pound by the decade’s end.
Notably, this consultation paper garnered 50,000 responses, with key concerns revolving around privacy, programmability, and the diminishing use of physical currency. Cunliffe amusingly remarked, “Critics of the Digital Pound have expressed a wide range of concerns, from its potential to disintermediate the banking system and pose threats to financial stability, to questioning its utility and viewing it as a ‘solution in search of a problem.’”
Cunliffe envisioned a future where private companies could seamlessly integrate and program the Digital Pound as the settlement asset into the services they provide to wallet holders. He assured that the BOE would release a discussion paper on stablecoin regulation in the coming months.
Both Cunliffe and Vice Chair Barr emphasized the importance of regulating stablecoins, citing their reliance on the trust of central banks. These insights shed light on the dynamic landscape of digital currencies and payment systems.
Crptocurrency
Bybit x Block Scholes Quarterly Institution Report: Markets Anticipate Watershed Moments as Trump Returns as the “Crypto President”
Seoul, South Korea, November 21, 2024 – Prom, a scalable network based on Polygon SDK, today announced the launch of its mainnet, following an extensive testnet campaign that saw over 25,000,000 transactions and 2,000,000 unique wallets interacting with a chain. This milestone is a step forward in blockchain scalability, as Prom leverages zero-knowledge proof technology to deliver enhanced throughput, optimized transaction costs, and advanced security.
Prom’s solution addresses the most prevalent problems of modern networks by utilizing ZK-based architecture, which until now have not been widespread due to technical complexity. Its architecture ensures the needed speed, level of security, and seamless interaction with the chain, reducing friction for users and granting developers a flexible framework for building a diverse range of dApps.
“We’re thrilled to open a new chapter for Prom and streamline the expansion of our ecosystem by welcoming developers and users to interact with the chain,” said Iva Wisher, COO of Prom. “We’re committed to constant efficiency improvement, transmitting scalability and convenience of everyday on-chain actions, and we are looking forward to welcoming a wave of products built on our network.”
The Prom network was developed in collaboration with industry leaders such as Polygon, DWF Labs, Ankr, Goldsky, Automata, and Blockscout to ensure the highest standards of performance and security.
The native network token, $PROM, is powering the Prom network. Listed on Binance, HTX, KuCoin, Gate.io, Upbit, and AscendEx, $PROM is driving fast on-chain interactions, and serving as the governance token for the Prom DAO. Through this community-driven governance model, users are empowered to help shape the future of the Prom ecosystem while benefiting from a percentage of the total network fees.
The mainnet launch opens new doors for developers seeking a platform for building decentralized applications (dApps). With a grant-based support mechanism in place, developers can utilize Prom’s platform to be an ideal environment to easily build and deploy, unlocking greater product scalability and reducing the barriers to entry for development. For users, Prom’s technology ensures lower transaction fees, strong security, and enhanced decentralization.
About Prom
Established in 2019, Prom has rapidly grown with innovative products across GameFi, SocialFi, Influencer Marketing, DeFi, and more. Prom looks to address critical shortfalls in various markets, setting the standard for capturing a large share of the market, by introducing its own solution to effortlessly unite diverse product sectors.
Prom creates a competitive landscape for advancing blockchain adoption, enhancing network security, decentralization, and efficiency.
Media Contact
Max Kan
CMO
Disclaimer: The information provided is not trading advice, Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
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