Date: 2023-08-12T19:40:30Z Creator: Bitfolio Academy
The Federal Reserve has decided to kick up some dust in the crypto arena. It’s as if they’ve discreetly taken hints from China’s playbook. Start by drawing boundaries around crypto. Then, unveil your exclusive CBDC. Finally, allow crypto to reenter society, softened by your firm grip.
In a jaw-dropping reaction to PayPal’s trailblazing decision to create their unique stable coin, PYUSD, the Fed flips the chess board. They decree a fresh commandment for banks – “Thou shall seek approval from us, before dabbling in crypto.”
Now, don’t get confused. This isn’t exactly smacking crypto with a ban as the Bank of China did. But it’s a clear hurdle for banks who wish to participate in the budding crypto market.
What’s next for the Federal Reserve? A dazzling US dollar CBDC. They are currently setting the stage.
Let me know in the comments. 🤔
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