“Stablecoins aim to use new technologies in a way that has the potential to enhance payments efficiency, speed up settlement flows, and reduce end-user costs - but they may also carry potential risks to those users and to the broader financial system.” “To date, cryptocurrencies have not served as a convenient way to make payments, given, among other factors, their swings in value,” said Powell. The Fed thinks a digital dollar might be an improvement over current offerings, including “stablecoins” that are pegged to the value of other assets including reserve currencies. “Our focus is on ensuring a safe and efficient payment system that provides broad benefits to American households and businesses while also embracing innovation,” added Powell. But the government treating coins the same way it treats cash could be a key step in moving cryptocurrencies into the mainstream.īut wait, there’s more: The second development came from the US Federal Reserve, which announced new steps in the development of a potential digital dollar that would be controlled by the central bank.Ĭhair Jerome Powell said in a rare recorded video message Thursday that the Fed will publish a discussion paper this summer exploring technology for digital payments, “with a particular focus on the possibility of issuing a US central bank digital currency.” It is asking for public comments on the issue. Getting the IRS involved may not sound like a positive development for cryptocurrencies. “As with cash transactions, businesses that receive cryptoassets with a fair market value of more than $10,000 would also be reported on,” it said in a report on tax enforcement published on Thursday. The first major announcement was from the US Treasury, which called for crypto transfers worth more than $10,000 to be reported to the Internal Revenue Service. Bitcoin bounces back but the crypto turmoil isn't over
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