China Could Force Donald Trump And The Fed To Destroy The U.S. Banking System

China Could Force Donald Trump And The Fed To Destroy The U.S. Banking System

The Federal Reserve has warned central bank digital currencies might one day replace commercial banks, creating “a deposit monopolist” and playing “havoc” with the system… Cryptocurrencies latest news and history organized by date that contains 1000000+ news archives. Click here to read what world was saying about cryptocurrencies. Felipe Erazo 9 minutes ago Beware Fake Ransomware Decryption Tools Creators behind Zorab ransomware launched a fake tool that double-encrypts files affected by the attack. 381 Total views 13 Total shares Listen to article 0:00 News As free ransomware decryptor tools begin to enter the market, a wa.. I plan to cover just three cryptos every week in this post: Bitcoin, Litecoin, and Ethereum. These instruments provide trading opportunities with out sized gains. I hope the analysis presented here helps you profit in these instruments. BTCUSD — Still standing aside waiting on the next long setup, this has…

Donald Trump has reignited his long-running battle with China, something that’s likely to heavily feature in his re-election campaign.

Meanwhile, China is poised to launch a digital version of its yuan and could be about to create serious problems for the U.S. banking system—potentially forcing the U.S. to digitalize the dollar to compete.

Now, the Federal Reserve has warned central bank digital currencies might one day replace commercial banks, creating “a deposit monopolist” and playing “havoc” with the banking system.

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Donald Trump’s long-running trade war with China could be about to take on a new dimension–with … [+] China’s looming digital yuan set to put pressure on the dollar’s dominance.

“The introduction of digital currencies may justify a fundamental shift in the architecture of a financial system, a central bank ‘open to all,'” Federal Reserve of Philadelphia researchers wrote in a 32-page paper titled “Central Bank Digital Currency: Central Banking for All?”

The paper examined the potential effects of “giving consumers the possibility of holding a bank account with the central bank directly”—something that could potentially replace commercial bank checking accounts.

“If the competition from commercial banks is impaired (for example, through some fiscal subsidization of central bank deposits), the central bank has to be careful in its choices to avoid creating havoc with maturity transformation,” the paper read.

If people started to exclusively hold cash with the country’s central bank, the Fed and other central banks could end up becoming a “deposit monopolist,” attracting deposits away from the commercial banking sector.

Theoretical discussions around central bank digital currencies, sometimes called CBDCs and often inspired by bitcoin’s blockchain technology, have swirled for the past few years but central bankers have been kicked into action by China’s efforts to digitalize its yuan and Facebook’s plans to launch its own currency.

The Fed’s paper echos a warning raised by the International Monetary Fund in December last year, which said digital currencies could see deposits “withdrawn from commercial banks.”

Digital currencies are expected to work just like regular coins and notes issued by central banks but exist entirely online—with some floating the possibility of government-run FedAccounts being used to distribute digital dollars.

China has already begun trialling payments in its new digital currency in four major cities, local media reported at the end of April.

Other countries around the world, including Norway, Sweden and Japan, are all working on digitalizing their own currencies.

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Digital currencies, expected to make it “quicker, cheaper and more efficient to buy, sell or transfer money from place to place” according to one commentator, could put pressure on the dollar’s dominance.

“We may be heading towards a post-dollar world,” the Financial Times reported last month, pointing to China’s digital currency regime as one of a number of ways the dollar’s position is being eroded.

“It’s very possible that other countries adopt the China framework, and then a first-mover advantage turns into a strong network effect,” Matthew Graham, chief executive of Beijing-based blockchain and cryptocurrency consultancy Sino Global Capital told Bloomberg Businessweek, adding, “this is the best-case scenario for China.”

Donald Trump is unlikely to take this sitting down.

“We have only one real currency in the U.S.A., and it is stronger than ever, both dependable and reliable,” Trump said last year in a Twitter tirade against Facebook’s libra, bitcoin and cryptocurrencies.

“[The dollar] is by far the most dominant currency anywhere in the world, and it will always stay that way.”

In order for the dollar to maintain its pole position, China could force Trump and the Fed into difficult decisions about the future of the financial system.

Source: www.forbes.com

Author: Billy Bambrough


Cryptocurrencies archive news by date

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    Beware Fake Ransomware Decryption Tools | Crypto Coin Growth

    Beware Fake Ransomware Decryption Tools | Crypto Coin Growth

    Felipe Erazo 9 minutes ago Beware Fake Ransomware Decryption Tools

    Creators behind Zorab ransomware launched a fake tool that double-encrypts files affected by the attack.

    381 Total views 13 Total shares Listen to article 0:00 News

    As free ransomware decryptor tools begin to enter the market, a wave of fake software that claims to decrypt ransomware-affected files has begun to proliferate.

    According to a report released by Bleeping Computer on June 5, the creators behind Zorab ransomware released a fake STOP Djvu decryptor. Instead of recovering a victim’s data however, this software appears to encrypt their files further with a second ransomware.

    When the victim opens one of these tools, the software extracts an executable file called crab.exe. This is the Zorab ransomware itself. Once executed, the tool will encrypt all files present with a .ZRB extension.

    Speaking with Cointelegraph, Brett Callow, threat analyst of the malware lab Emsisoft, says that STOP is the most prevalent ransomware by far. He states that it accounts for approximately one-half of all incidents:

    “Unfortunately, criminals often create fake versions of popular software in order to spread malware, and they have now created a fake version of our decryptor to do just that. Running the fake tool will not recover data that was encrypted by STOP, it will actually encrypt it for a second time.”

    Callow refers to one of several free tools launched recently by Emsisoft. These tools allow people to decrypt files affected by specific ransomware variants.

    Emsisoft’s threat analyst issued the following warning to the public:

    “This illustrates why people should exercise caution when downloading software and apps and ensure it has come from a reputable and trustworthy source. Similarly, cracks, activators, and keygens should be avoided as these are also frequently used to spread ransomware and other malware.”

    Cointelegraph recently conducted extensive coverage on different free ransomware decryptors launched by various tech companies.

    On June 3, Spain-based telecommunications conglomerate, Telefónica, released a free tool to recover data encrypted by the VCryptor ransomware.

    Emsisoft also launched a free decryptor tool on June 4, which enables victims to recover files encrypted by Tycoon ransomware attacks without needing to pay the ransom.

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  • Original Article – Cointelegraph.com

    Source: cryptocoingrowth.com

    Author: ccgadmin


    Crypto-Currencies: Bitcoin, Litecoin and Ethereum for June 7th

    Crypto-Currencies: Bitcoin, Litecoin and Ethereum for June 7th

    Crypto-Currencies: Bitcoin, Litecoin and Ethereum for June 7th

    I plan to cover just three cryptos every week in this post: Bitcoin, Litecoin, and Ethereum. These instruments provide trading opportunities with out sized gains. I hope the analysis presented here helps you profit in these instruments.

    BTCUSD — Still standing aside waiting on the next long setup, this has played out as described over the last few weeks…. This week we may see our entry. Looking for a break lower and a break of the trend line and a visit to the S1 for a long setup. This should be a quick move and I will be looking for an entry in the 8500-8700 area.

    ETHUSD – I am expected ETH to go lower with BTC and again, looking for a long setup. The S1 is the nominal target and I am expected the next major rally to start from there.

    LTCUSD – No marginal higher high here and we could still see it. I am expected a lower low into the Second Standard Deviation BB. Could see the third SSD BB too. Watch for the pullback as I am expected a long setup later this week.

    Patience is a traders friend and the last few weeks we expected a choppy sideways consolidation which has played out. This week watch for a long setup lower as mentioned, play the long side and stay with the trend…. wait for the next long setup. Nothing to do right now in Cryptos except wait. Trade Smart and Trade Safe.

    Stan Nabozny
    Stan is a 20 year retail trading veteran and Co-Founder of The Art of Chart. His specialties include using futures and options to trade Energies, Precious Metals, Equities, Currencies, Bonds, Softs, Grains and other commodities. Stan believes that Risk Management and Trader Psychology are more important that technical analysis and spends his time teaching and coaching other traders on these topics . Stan uses various trading systems and technical analysis approaches that integrate time and price in his work. See his latest articles here and www.huffingtonpost.com.

    Source: theartofchart.net


    China Could Force Donald Trump And The Fed To Destroy The U.S. Banking System


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