Digital Dollar Discussion Is ‘Extremely Important’ Urges Pres. Trump’s Fed Nominee

Digitizing the dollar is a key factor in maintaining its appeal as a global currency, Trump’s nominee to the Federal Reserve, Judy Shelton, says.

In a congressional hearing on Thursday, Fed nominee, Judy Shelton, said the Federal Reserve should be “compelled to think” about a central bank digital currency (CBDC) given the mileage the innovation offers to rival countries such as China. Shelton believes the U.S should rely on fintech innovations to keep themselves abreast in financial matters and retain the dollar as the global reserve currency.

Tom Cotton (R-Arkansas), was critical of the benefits the that CBDCs offer saying that having a digital dollar will increase the dominance of the country and maintain the countries power in global influence. Asking Shelton’s opinion on the possible development of a digital dollar. Shelton said,

“The dollar is the most important soft instrument of power that we have across the globe. Yes, it is a dominant reserve currency but we can’t rest on our laurels in that regard.”

The accelerated efforts on development of a digital currency by both Facebook’s Libra project, and the People’s Bank of China (PBoC) CBDC is a key point that Ms. Shelton focused on too. She emphasized that the U.S. should not lag behind as it seeks to retain its control as the largest reserve currency in the world. She said,

“Rival nations are working very diligently to have an alternative to the dollar. I think it is very important that we get ahead of the curve to ensure that the dollar continues to offer the best currency in the world.”

With Shelton having shown affinity to blockchain, cryptocurrencies, CBDCs and stablecoins before, her appointment to the Fed board shows light at the end of the tunnel in regulation of cryptocurrencies across the states.

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Author: Lujan Odera

Æternity Partners With A Uruguayan Political Party To Build Democratic Voting On Blockchain

Uruguay’s Digital Party, a political party aiming at digitizing and embracing tech in its actions, announced the use of blockchain in conducting internal democratic practices. The political party partners dApp blockchain platform, Æternity, to build a decentralized and trustless platform for Uruguayans to vote and participate in political decisions in a transparent and optimized system.

Promoting Democratic Practice Through Liquid Democracy Blockchain

The Æternity development team will work with the party to develop UDP’s internal governance system using its own internal community decision making protocols. Speaking on the partnership with the political party, Æternity Americas CEO, Pablo Coirolo, said,

“The application of democratic governance that will be implemented by the Digital Party is based on the internal governance solution that aeternity uses for internal community decision-making, which is a completely new architecture, allowing greater participation of citizens in political decisions at all levels, with unalterable reliability.”

According to the post, the political party aims to harness Æternity’s architecture and a “liquid democracy blockchain” platform that uses virtual tokens and a set of smart contracts to provide a decentralized and trustless democratic system for its citizens.

Extensive reach in South America

Æternity blockchain has a high prevalence in Latina and South America and a number of companies are looking to adopt its protocols to launch their dApps. In September, legalized marijuana firm, Uruguay Can, announced the launch of a cannabis supply tracking system on the Æternity blockchain. This is the first official tracking of cannabis supplies in the region allowing suppliers and users to track the plant from seed stage till the drug store.

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Author: Lujan Odera