The debate on CBDCs will likely continue as more states and countries consider the potential benefits and drawbacks of implementing a government-controlled digital currency. Texas is now joining Florida in banning CBDCs, citing concerns about government surveillance, control over private cash holdings, and transaction monitoring. lawmakers are exploring alternatives to CBDCs, while others continue to argue against their implementation. The introduction of these bills indicates that some U.S. A fee may be established to cover the costs of administering this chapter.Īlthough neither of the bills has been passed or presented for a vote, both state that the act would take effect on September 1, 2023, if approved. The trustee is responsible for maintaining enough gold to allow for the redemption of all units of digital currency that have been issued and are not yet redeemed for money or gold. The value of a unit of the proposed digital currency must be equal to the value of the appropriate fraction of a troy ounce of gold at the time of the transaction. The purchaser would then receive digital currency equal to the amount of gold the comptroller bought with their money. When someone purchases a specific amount of digital currency, the comptroller would use that money to buy an equivalent amount of gold. The bills state that each unit of the digital currency issued represents a particular fraction of a troy ounce of gold held in trust. Senator Bryan Hughes and Representative Mark Dorazio presented Senate Bill 2334 and House Bill 4903, respectively, on March 10.Īccording to the bills, a fractional equivalent amount of physical gold would back the proposed digital currency. Texas exploring state-based digital currencyĭespite the opposition to CBDCs, two Texas lawmakers have introduced identical bills for creating a state-based digital currency backed by gold. Senator Cruz has been vocal about his distrust in CBDCs, stating that the implementation of central bank-issued digital assets would be “profoundly dangerous” to society. Florida Governor Ron DeSantis has also taken a firm stance against CBDCs, officially banning them within his state. Just make sure that you are downloading the official Chrome extension and mobile app by visiting the TrustWallet’s website. If you prefer using your mobile phone, you can download the wallet via Google Play or iOS App Store if it’s available. If you are using a desktop computer, you can download Google Chrome and the wallet Chrome extension. Previously, Texas Senator Ted Cruz had introduced a bill in March to ban the Federal Reserve from adopting a CBDC. 1.There are several crypto wallets to choose from within the BNB Chain network and TrustWallet appears to be the most integrated. While there are strategies to minimize these risks, they tend to reduce transparency, making it more difficult for regulators to detect money laundering, terrorism financing, and other illicit activities. CBDC proposals often involve the centralized collection of transaction data, which can pose significant privacy and security threats. This connection could result in unprecedented government surveillance and control over citizens’ private financial transactions. The bill, introduced by the 88th Texas Legislature, highlights the potential risks associated with retail CBDCs, which create a direct relationship between the Federal Reserve and consumers. Commodities Futures Trading Commission (CFTC) sued Binance and its founder, Changpeng Zhao, for operating what the regulator alleged was an "illegal" exchange.Ĭustomers can still transact using credit or debit cards, Binance said.Texas recently introduced a bill to ban Central Bank Digital Currencies (CBDCs) within the state, following Florida’s decision to officially prohibit them.ĬBDCs have been a contentious issue among government officials, with many expressing concerns about the potential for government surveillance, control over private cash holdings, and transaction monitoring. The curb is the second blow to Binance's Australian operation in as many months, having relinquished a financial services licence in April amid a regulatory investigation.īinance is battling regulatory suits and investigations around the world. It did not identify exchanges nor provide any further details. It said in an earlier statement that it had blocked some crypto-currency payments to reduce losses due to scams. Westpac was not immediately available to comment when contacted by Reuters. The Australian Financial Review separately reported Westpac Banking Corp (WBC.AX), the country's second-largest retail bank, banned customers from transacting with Binance. "We are working hard to find an alternative provider to continue offering AUD deposits and withdrawals to our users," Binance said in a statement.Ĭuscal did not immediately respond to a request for comment. Withdrawals would also be cut off, it said, without detailing when. SYDNEY, May 18 (Reuters) - The Australian arm of Binance, the world's largest crypto-currency exchange, on Thursday said some customers there will be unable to deposit or withdraw money after a third-party service provider cut off its service.īinance said on social media that users would be unable to make Australian dollar deposits by bank transfer with immediate effect after payments provider Cuscal cut access.
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