YeahâŚ
Every morning I wake up and THANK GOD I live in Florida
You lucky dog, lol. In my opinion, since the central bank is involved, the federal government will pass legislation making CBDC legal currency in America, forcing states to adapt.
We shall see how this plays out.
Fed Chair Powell Says Bitcoin Has âStaying Powerâ as an Asset Class
Federal Reserve Chair Jerome Powell said on Wednesday that the U.S. central bank should play a ârobust federal roleâ in overseeing stablecoins, a sizable slice of the overall crypto market that legislators are trying to craft rules for. Powell also remarked that cryptocurrencies, like Bitcoin, have âstaying power.â
His comments came on Capitol Hill during a semiannual hearing on monetary policy held by the Republican-led House Financial Services Committee and led by Patrick McHenry (R-NC).
Responding to a question posed by Maxine Waters (D-CA) on stablecoins, Powell said the technologyâwhere tokens pegged to the price of a sovereign currency like the dollar and issued by private companiesâshould have strong federal oversight.
https://www.yahoo.com/finance/news/fed-chair-powell-says-bitcoin-205620038.html
-I almost wonder if they were too slow to implement CBDC. Probably, the hope was to implement it before crypto could take a strong foothold.
It looks like attempts to slow or stop crypto are finally failing. If crypto is going to become readily accessible and accepted in the States, then I do not know how CBDC can truly succeed here as anything other than an alternative to US fiat (i.e. a means of legal tender, levy for taxation purposes and other debt et al.).
After all, why would people elect to use a digital currency that is fully tracked, controlled, monitored, restricted etc. when they can use any number of cryptocurrencies that do not have that?
Probably, CBDC will cost more and take longer than sending ETH, for example, as you will need to send it through several middlemen (governments/banks and other intermediaries etc.) in lieu of just sending it direct, from your own wallet etc⌠After using traditional banking for many years, I still have to wait while banks put my own money on hold for a week or longer at a time.
I can only imagine how various groups are already fantasizing about all of the fees that they will be able to charge people for moving their own money around using CBDC, and how they will have so much control and access to all kinds of data. Itâs really gross to think about, really, especially when we already know that it is not necessary.
It reminds me of how various governments keep advanced technology to themselves, that could drastically improve our planet and improve the lives of so many people etc⌠Itâs disgusting. Enough is enough!
Cryptocurrency can be a global currency. Governments want CBDC to be that currency because it will give them the control that they so desperately crave. Maybe they are too late?
We shall see, indeedâŚ
They definitely miss the boat and are trying everything in their power to slow it down so they can board it
Central Banks Successfully Test Over 30 CBDC Use Cases, Including Offline Payments
An API layer could facilitate a wide range of central bank digital currency payment scenarios, a Bank for International Settlements and Bank of England experiment has shown.
A joint experiment by central banks has tested ways to connect monetary authorities and the private sector to facilitate retail digital currency payments, according to a new report released on Friday.
The experiment saw the London Innovation hub of the Bank for International Settlements â which groups the worldâs central banks â and the Bank of England develop 33 application programming interface (API) functionalities to test more than 30 central bank digital currency (CBDC) use cases, including offline payments.
The Bank of England is currently consulting on a digital pound, which it has said will likely be needed in the future. The bank set out in its consultation that it would host the centralized ledger and the application programming interface (API) for a potential digital pound. The API would allow private sector firms to access the ledger and provide services such as automated payments.
-So stupid. Wasting time reinventing the wheel because they are so desperate to replace cryptocurrency.
You top-up your app and you can do various things within the app. Letâs say you deposit 100$. Then you buy for 30$ Bitcoin. Then your account balance is 70$ + the equivalent in crypto. However as I mentioned the crypto amount cannot leave the app.
This means if Revolut goes busted you also lose your crypto (which probably was never a real crypto transaction). I believe this is smart for Revolut as they charge you twice (when you buy your crypto and when you sell it in their app) and in reality they do not do anything as there is no real exchange happening - this last fact is though only what I suspect and I cannot guarantee.
Besides crypto trading the app is cool and for a good reason it is called a super app.
Interesting piece of information. This is probably due to the fact that we live in different countries. So they offer you services that I cannot have and vice versa.
Thanks. I was asking if you can deposit crypto, but I suspect not.
Regarding any real transfers occurring, I would have to assume that they are, else they would be screwed when the asset appreciates and people start exchanging back to fiat.
This makes things all the more questionable for not giving clients a way to withdraw crypto.
Momentarily changing the subject, time and again Traderâs Wayâs ludicrous OFF QUOTES policy has thwarted me from making a decent profit in a fast moving but reasonably predictable market. You would think that they would some day come to their senses and junk that goofy practice that most other brokers do not have.
In that case, why not trade with those brokers instead of tradersway?
No offense, but why continue trading with a broker who has thwarted your profits?
Yes, I am in 100% agreement with you, SmallPaul. LQDFX has now become my favorite broker, but I am sometimes tempted to continue to use Traderâs Way during relatively calm markets to diversify my tiny little nest egg since they have very low spreads.
I receive this email 20mins ago from Binance
Hi James,
Weâre pleased to share that as of today, we have worked with our banking partners to successfully resolve nearly all delayed USD withdrawal requests. If your withdrawal attempt previously failed, we encourage you to resubmit the request today, as our systems remain fully operational. Going forward, we expect most USD withdrawal requests to be successfully completed within the normal timeframe of 5 business days or less.
We are incredibly proud to uphold our commitment to you and look forward to serving you as a crypto-only exchange. To prepare for this transition, we wanted to share some important changes that you should know about.
Whatâs changing
- USD Withdrawals. While USD withdrawal remains fully operational on the platform today, we expect our banking partners to discontinue that service in the near future. While we continue to pursue new partners to re-establish USD deposits and withdrawals, we encourage users to use, withdraw, or convert their USD fiat balances to stablecoins to continue crypto-to-crypto trading on the platform. Any remaining USD balance in your account may be converted to USDT at a future date.
- Expanded USDT Trading Offerings. To further enhance your crypto-to-crypto trading experience, we will expand our Advanced Trading pairs on June 26, 2023 at 7 p.m. PDT / 10 p.m. EDT to include USDT pairs for the following digital assets: ANKR, DAI, DASH, HBAR, ICX, IOTA, RVN, WAVES, XNO, XTZ, and ZIL.
- Other Trading Pair Updates. As part of our shift to crypto-only trading, we will remove most USD Advanced Trading pairs from our platform on June 26, 2023 at 8 p.m. PDT / 11 p.m. EDT. Thereafter, USD Advanced Trading pairs will only be available for the following digital assets: BTC, ETH, ADA, BNB, LTC, MATIC, SOL, VET, USDC, and USDT. We encourage you to carefully review your trades and execute or cancel any open orders on impacted USD Advanced Trading pairs before they are removed from Binance.US.
Your assets remain safe and secure with Binance.US and we will continue to support trading for 150+ cryptocurrencies across a diverse selection of Advanced Trading pairs.
Is this thread coming to an end? We are now afraid to post any broker that accepts U.S. clients for fear of U.S. regulators targeting them.
What are your suggestions?
-I wouldnât think so. I heard a rumor from some random youtuber that many brokers were losing access to their metatrader licenses, but no proof or link references were given. I have not heard anything from anywhere else.
I think, regulators will do what they can, regardless of this thread. Any popular brokers will be discussed not just here, but at other places. New brokers are always popping up. The decent ones seem to last longer than a year, as well, so maybe itâs not so bad.
Worst-case scenario, we still have the discord channel set up if we need it, and can make it even more exclusive/private, if necessary.
In terms of central banksâ involvement, Iâm 50/50, but it leaves these exchanges no other choice, which may or may not be a good thing, perhaps others can chime in.
Spain Gives Crypto.com Green Light to Set Up Shop
Cryptocurrency exchange Crypto.com today announced that it has received a Virtual Asset Service Provider (VASP) registration from the Bank of Spain.
The approval means that the Singapore-based platform will be able to âoffer a suite of its products and services to users in Spain.â
Spainâs central bank decides which platforms can legally trade digital assets in the country. The country has to comply with the European Unionâs Markets in Crypto Assets (MiCA) legislationâset to become law next year.
âWe look forward to continuing to work with the Bank of Spain as we launch our products and services in-market and providing users with the comprehensive, safe and secure crypto experience that they desire,â Crypto.com CEO Kris Marszalek said in a Friday announcement.
https://www.yahoo.com/finance/news/spain-gives-crypto-com-green-145127649.html
The U.S. Securities and Exchange Commission (SEC) has approved the first leveraged Bitcoin futures exchange-traded fund (ETF) on Friday. Volatility Shares 2x Bitcoin Strategy ETF (BITX) is scheduled to launch on the Chicago Board Options (CBOE) BZX Exchange next Tuesday, June 27.
-Source.
This covers the above and more:
I just noticed that Kraken Crypto exchange also uses Evolve Bank and Trust for their banking services, definitely not problem there, you also talking large amount of money moving in and out.