Welcome To The Central Bank Hotel, Once Inside You Can Never Leave Authored by Mike Shedlock via MishTalk.com, Central bank digital currencies are on the way. The German Central Bank just embraced a digital euro. Let’s discuss the risks… Fintech and Global Payments Jens Weidmann, president of the Bundesbank, Germany’s central bank gave the opening […]
…The government has even given Salvadorans $30 each of Bitcoin to encourage
its adoption. It says bitcoin could save the country $400m a year in
transaction fees on funds sent from abroad.
However, using data from the World Bank and the government, the BBC calculates this to be closer to $170m…
An ugly week for ‘hard’ and ‘soft’ data sent the US economic surprise data to its worst velocity since the plunge in March 2020… Source: Bloomberg Precious Metals gained as investors’ confidence that the central planners have a clue starts…
The Legislative Assembly of El Salvador has passed a bill to create a $150 million dollar Bitcoin Trust to support the development of crypto infrastructure and services across the country...
…Accelerate Financial Technologies plans to match investments in its unresolved Bitcoin exchange-traded fund (ETF) with the planting of thousands of trees.
… at 18:28 BST on Wednesday, Poly Network said it had received $260m.
Poly Network posted on Twitter that it had been sent digital tokens relating to three crypto-currencies, including $3.3m worth of Ethereum, $256m worth of
Binance Smart Chain (BSC) and $1m worth of Polygon…
Some $611 million worth of crypto assets have been stolen by
cybercriminals using the multinational blockchain platform Poly Network.
“We’re sorry to report that #PolyNetwork was attacked on @BinanceChain, @ethereum and @0xPolygon
,” the platform said
on Twitter, identifying three addresses where stolen assets were transferred.
total of 9,468 in various crypto tokens valued at approximately $611
million were drained from the platform, including hundreds of millions
of dollars worth of Ethereum and Binance coins.
Poly Network urged cryptocurrency exchanges to “blacklist tokens”
coming from the addresses linked to the hackers. Also, it launched a
preliminary internal investigation that found a vulnerability between
the platform’s contract calls, which may have given cybercriminals a way
to steal the funds.
Great News For Cryptocurrencies: Senate Budget Deal Hinges On Billions In Crypto Taxes First the bad news: as part of the Senate’s bipartisan infrastructure deal, lawmakers quietly snuck in a provision imposing stricter rules on cryptocurrency investors to collect more taxes to fund a portion of the $550 billion investment into transportation and electricity infrastructure. […]
… It is something else entirely to introduce digital money which gives bureaucrats the power to monitor and control the spending of everyone who adopts it.
Novel ideas are already being floated. For example, the Federal Reserve could issue stimulus funds with an expiration date, forcing people to spend rather than save.
Officials could limit spending to certain geographic boundaries, and thereby impose a restriction on travel. They could pick winners and losers, favoring some merchants or industries or crushing others.
The only fly in the ointment is that mistrust in government is rising quickly in the US…