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Powell Says a Fed Digital Currency Could Undercut Need for Cryptocurrencies - 14th July 2021

July 14 (Reuters) - Federal Reserve Chair Jerome Powell on Wednesday said one of the stronger arguments for the U.S. central bank to set up a digital currency is that it could undercut the need for private alternatives such as cryptocurrencies and stablecoins.

Asked during a congressional hearing if having a digital currency issued by the Fed would be a more viable alternative than having multiple Cryptocurrencies or stablecoins emerge in the payments system, Powell said he agreed. A stablecoin is a cryptocurrency that attempts to peg its value to a conventional currency such as the U.S. dollar.

"I think that may be the case and I think that’s one of the arguments that are offered in favor of digital currency," Powell said during a hearing before the U.S. House of Representatives Financial Services Committee. "That, in particular, you wouldn’t need stablecoins, you wouldn’t need cryptocurrencies if you had a digital U.S. currency - I think that’s one of the stronger arguments in its favor."

Fed officials will be broadly examining the digital payments universe in a discussion paper that could be released in early September, Powell said. He described it as a key step that accelerates the Fed's efforts to determine if it should issue a central bank digital currency, or CBDC.

Powell said he was skeptical that crypto assets would become a main payments vehicle in the United States but said stablecoins might gain more traction. However, he said more regulation is needed before stablecoins could take on a bigger role in the financial system.

"We have a pretty strong regulatory framework around bank deposits, for example, or money market funds," Powell said. "That doesn’t exist currently for stablecoins, and if they’re going to be a significant part of the payments universe - which we don’t think crypto assets will be but stablecoins might be - then we need an appropriate regulatory framework."

Powell's remarks were in line with those of Fed Governor Lael Brainard, who said in May that households and businesses could be harmed by a fragmented payments system that featured too many stablecoins. read more

Fed officials may face intense debate as they figure out whether to move forward with a digital version of the dollar, with some policymakers saying a CBDC is not needed.

Fed Vice Chair for Supervision Randal Quarles said in June that he thought any proposals for a CBDC would need to clear a "high bar." "Before we get carried away with the novelty, I think we need to subject the promises of a CBDC to a careful critical analysis," Quarles said. read more

On Wednesday, Powell reiterated that if the Fed were to move forward with developing a CBDC, it would consult with Congress and the public. He repeated his view that as the holder of the world's reserve currency, it would be more important for the United States to "get it right" than to move quickly.

Reporting by Jonnelle Marte Editing by Chizu Nomiyama, Paul Simao and David Gregorio

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Bitcoin SV is Revving up for Potentially Unlimited Scale - 4th March 2021

With the latest release of its software. Switzerland-based industry organization the Bitcoin Association has announced the release of the Bitcoin SV Node software v1.0.7 in an effort to boost up for potentially unlimited scale.

Calvin Ayre, a big proponent for Bitcoin SV, retweeted the news on Thursday.

Why This is Important

The Dynastic update to Bitcoin SV Node software means a lifting of limitations that were previously imposed on apps so that enterprises can increase throughput and effectively scale.

The update has improved support for long chains of unconfirmed transctions, as the default limit for ancestor and child-pays-for-parent (CPFP) transactions has been extended from 25 to 1,000.

The Dynastic release completes the process of replacing the legacy block assembler, implemented in later versions of the Bitcoin Core (BTC) software, with a new journaling block assembler for the Bitcoin SV (BSV) network.

This change now supports long chains of unconfirmed transactions and has introduced simplified transaction selection logic.
Prioritizing transactions based on how much miners can make in fees is no longer necessary on the Bitcoin SV network, which has low-fee transactions. Those waiting for transactions to be confirmed on the BTC network may have noticed the occasional 6 hour wait time for those who did not pay the prioritized fee.

Steve Shadders, technical director of the Bitcoin SV Infrastructure Team: "Along came a 1MB block size limit and ideas about a fee market. The idea was that limiting the block size would create demand for block space and drive up the transaction fees users would effectively bid to get included in a block. But this created a new requirement for the Bitcoin software to manage. If a miner can't select all the available transactions due to the 1MB limit, they need to ensure they select the ones that pay the highest fee rates to maximise their revenues, leaving the less lucrative transactions for another miner to pick up later."

Shadders added: "The removal of the CPFP and ancestor limits from the Bitcoin SV network has been one of the most requested improvements we've received from businesses and end-users alike."

- Aaron Goldstein, Gambling911.com

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