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Cryptocurrencies Shouldn't Be Issued by Central Banks, Says Former Fed Chair

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    Former Fed Chairman Alan Greenspan is cool to the idea of the US central bank launching its own digital token

Cryptocurrencies Shouldn't Be Issued by Central Banks, Says Former Fed Chair
Cover image via www.wsj.com
Contents

American economist Alan Greenspan, who served as Chairman of the Federal Reserve of the United States for five consecutive terms from 1987 to 2006, believes that there is no point for central banks to issue their own digital currencies, CNBC reports.   

“There’s no point for them to do it,” Greenspan said at Caijing’s annual economic outlook conference that took place in Beijin.

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No need for Facebook

Greenspan explains that fiat currencies are backed by the credit of a sovereign country. He further took a jab at Facebook by saying that the fundamental sovereign credit of the US is "far in access" of anything that the social media giant can offer or imagine. 

Jerome Powell, the incumbent chairman of the Federal Reserve, appears to be on the same page with Greenspan. As reported by U.Today, Powell dismissed the idea of the US central bank launching its own cryptocurrency, which coincided with a rapid Bitcoin price drop. 

Facebook's Libra cryptocurrency, which was announced back in June, has ruffled the feathers of many bankers, regulators, and politicians around the globe.       

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The US lagging behind

Meanwhile, Tunisia has recently become the first country whose central bank issued its own digital currency called 'E-dinar' after partnering with Russian firm Universa.

The People's Bank of China (PBoC) is also preparing to unleash its 'DCEP' cryptocurrency. According to Bitcoin evangelist Max Keiser, the coin will be backed by gold

Recently, cryptocurrency influencers opined how the US should follow the lead of China in order not to stay behind.    

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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Ripple's Partner Wants to Transform Gaming Industry with XRP

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  • Alex Dovbnya
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    Forte reveals the benefits of using Ripple's XRP for creating digital economies

Ripple's Partner Wants to Transform Gaming Industry with XRP
Cover image via u.today
Contents

San Francisco-based company Forte, which formed a $100 mln fund in partnership with Ripple's investment arm Xpring back in March, keeps working on applying the blockchain technology in gaming.

Recently, Forte co-founder Brett Seyler explained the benefits of using XRP.  

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Blockchain-based gaming economies  

Forte is helmed by top-tier industry executives (including its founding CEO Kevin Chou) who are not focused on creating new powerful economies within the $140 bln gaming while making it more decentralized. 

There have been multiple attempts at creating a killer gaming dApp, but the technology is still way too cumbersome for the average Joe. Forte wants to address the adoption problem by making such games more approachable.       

“Creating game economies with multi-sided participation, open markets and increased transparency offer a potent solution to the challenge of the complexity plaguing game developers that result in stagnant economy design,” said Seyler.  

Blockchain is a perfect tool for creating peer-to-peer gaming economies since it could make in-game transactions easy, fast, and transparent.       

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The impact of XRP  

In order to make the magic happen, Forte utilizes the Interledger protocol (ILP) that was created by former Ripple CTO Stephan Thomas for establishing connections between multiple blockchains. 

On top of that, the startup also uses XRP for increasing the level of interoperability as well as security and liquidity.  

Since its inception, Xpring invested more than $500 mln in around 20 companies to streamline the adoption of XRP.  

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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