House of Lords Hearing on Central Bank Digital Currencies - 022👀
A weekly look at the crypto market
House Of Lords Hearing On Britcoin
On Tuesday 23rd November 2021 a group of old boys discussed the future of money. Andrew Bailey (Governor of the Bank of England) and Sir Job Cunliffe (Deputy Governor of the Bank of England) dropped in at the House of Lords to discuss crypto and the possibility of a central bank digital currency.
The full meeting can be watched here.
If you couldn’t be bothered to watch the video we have provided the hot takes below:
Sir Jon doesn’t think crypto could or should be regulated. Regulating fast moving technologies is not efficient or effective. He does not think banning certain technologies is practical
He wants the Bank of England and the British Pound to be an ‘anchor’ for the future types of money. He means he wants GBP to be there as a safe stable location for people to bring their wealth when they are not moving it through the future money markets. This could work if the GBP is stable and known. A digital pound that can be used much like cash is now could act as a port for British citizens to keep their wealth. If Britcoin works seamlessly within the British economy
They don’t plan to give people accounts at the Bank of England for CBDC
BoE will continue to make cash available as long as there is demand for it
The use of cash in transactions is declining pretty sharply
BoE are modelling for 20% of cash to move into CBDC
Vitalik Buterin has suggested an improvement to decrease the cost of transactions on the Ethereum Network by 5 times
As the Ethereum Network grows in popularity and usage it has frequently struggled with transaction fees (which soar when traffic is high). Any improvements here are welcome.
Microstrategy Buys The Dip
Bitcoin prices dropped at the end of last week and the usual suspect hoovered up all the liquidity
El Salvador Also Buys The Dip
South Korean Shinhan Bank To Build Stablecoin On Hedera HashGraph (HBAR) Network.
This could get interesting.
CoinDesk Have Published A Tasty Opinion Piece On What A Bitcoin Utopia Could Look Like (Read It Here)
If we do transition to a Bitcoin based financial system it won’t be an easy move. The existing elite will not give up their power and wealth without a fight
Jack Dorsey (CEO) leaves Twitter
Jack Dorsey has stepped down as the CEO of Twitter. Twitter has been both a blessing and a curse. We love Twitter for giving us access to some of the most brilliant minds on the planet. Unfortunately it has also given dullards and simpletons the ability to access and influence the world. Dorsey leaves to focus on his Bitcoin projects.
Until Next Time
The Wealth Gap