Central Bank Digital Currencies (CBDCs) can be programmed with restriction🔒 to buy Bitcoin.

A Central Bank Digital Currency (CBDC) is a digital form of fiat currency that is issued and regulated and backed by a country's Central Bank. It is a digital representation of a country's physical currency that can be used for payments, transactions, and other financial activities.

Unlike cryptocurrencies, CBDCs are backed by the government and have the same legal status as physical currency.

It is possible that people may be allowed Bitcoin to buy with a Central Bank Digital Currency (CBDC), but it would depend on the specific design and implementation of the CBDC in question.

Example of CBDC Command list. Source: Unicoin DCMA

Some CBDCs may be designed to function like digital versions of physical currency, in which case they could potentially be used to purchase goods and services, including Bitcoin. Other CBDCs may be designed to function more like digital assets, in which case they may not be accepted by all merchants or exchanges that deal in Bitcoin.

Ultimately, the decision to accept a CBDC as payment for Bitcoin would be up to the individual merchant or exchange. If a CBDC were widely adopted and accepted as a form of payment, it could potentially become a more convenient and efficient way to purchase Bitcoin compared to traditional payment methods.

Some stablecoins are already backed by CBDCs

There are a few stablecoins that are currently backed by CBDCs, or are in the process of being developed with CBDC backing. Here are a few examples:

e-CNY: The Digital Currency Electronic Payment (DCEP) project by the People's Bank of China is a CBDC that is already being used by some businesses and individuals in China. Some stablecoins, such as CNHT and CNYT, are backed by e-CNY.

USDC and USDT: While not currently backed by CBDCs, both USDC and USDT have announced plans to explore the use of CBDCs as a reserve asset in the future.

USDT and USDC explore the use of CBDCs as a reserve asset in the future

Overall, stablecoins backed by CBDCs can offer additional security and stability (and also more Centalized Control) compared to other types of stablecoins. However, it is important to note that CBDCs are still a relatively new technology and there may be regulatory and technical hurdles that need to be addressed before they can be widely adopted.

If USDC and USDT decide to use CBDCs as reserve assets in the future, it could potentially have a positive impact on the stability and transparency of these stablecoins.

Currently, USDC and USDT are backed by a combination of fiat currencies, cash equivalents, and other assets. However, the exact composition of these reserves is not always transparent, and there have been concerns about the stability of these stablecoins in certain market conditions.

Stablecoin regulation draft bill...

The House Financial Services Committee published a draft bill on stablecoin regulation Saturday, its first major piece of crypto-related legislation in 2023.

The bill, which does not yet have a number, would require stablecoin issuers to have reserves that back the digital assets on an “at least one-to-one basis.”

Those reserves could be composed of U.S. coins or currency, Treasury bills with a maturity of 90 days or less, central bank reserve deposits, and repurchase agreements with a maturity of seven days or less that are backed by Treasury bills with a maturity of 90 days or less. 

The bill would give the Federal Reserve (FED) power over nonbank stablecoin issuers like Tether and Circle, which issue USDT and USDC, respectively. Stablecoins issued by insured depository institutions would fall under the regulators of that bank.

DAI the perfect Decentralized Stablecoin?

MakerDAO is based in the U.S. Almost half of DAIs reserves are USDC. So if Circle would choose (due to an event) to blacklist the underlying USDC, that would mean the end of the road for DAI. To avoid such threat, the basket of assets behind DAI must become more diverse so it relies less on UDSC.

DAI

Opinion🧐

A lot of people out there, not involved in the crypto space, will cheer when these digital currencies are introduced.

But it is imperative to understand that once everyone is using them, your financial privacy will be almost totally gone.

CBDC is not a Currency, it is simply the government having a remote control for your bank account. Most of us already do far more business by electronic means than we do with cash, the only difference a CBDC makes is that the government gets to control how and where your money is kept and used.

Bitcoin vs CBDC

Bitcoin gives everyone the freedom to save and transact, irrespective of their race, gender, and place of birth. Freedom from financial slavery. While CBDS equales.......

Bitcoin VS CBDCs

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#BTC vs #cbdc #educational #Binance #buildtogether

BTC vs DXY ...

The DXY (US Dollar Index) is a measure of the value of the United States dollar relative to a basket of foreign currencies. Bitcoin is a decentralized digital currency that operates independently of central banks.

When the DXY (US Dollar Index) rises, it typically means that the value of the US dollar is increasing relative to other major currencies. In general, an increase in the value of the US dollar can lead to a decrease in the price of cryptocurrencies, including Bitcoin and other altcoins.

Orange Bitcoin, Blue DXY Dollar Index

The reason for this is that many cryptocurrencies are priced in US dollars on trading platforms, and as the value of the dollar increases, it takes fewer dollars to purchase the same amount of cryptocurrency. This can lead to a decrease in demand for cryptocurrencies, as investors may perceive them as less valuable compared to the US dollar.

However, it's important to note that the relationship between the DXY and cryptocurrencies is not always straightforward, and other factors can also impact the price of cryptocurrencies. For example, positive news, a Tweet from Elon Musk or developments in the cryptocurrency industry can lead to an increase in demand for cryptocurrencies, even if the value of the US dollar is rising.

DXY value History...

The value of the DXY (US Dollar Index) is influenced by various factors, including economic data, geopolitical events, and central bank policies. It's difficult to predict with certainty how low the DXY can go since it's subject to fluctuations and changes in these factors.

However, the DXY has historically traded within a range of 70-103 since its inception in 1973. Its lowest level in history was 70.698, which occurred in March 2008 during the global financial crisis. In recent years, the DXY has been trading in the range of 89-103, with its lowest point in the last decade being 88.253 in February 2018.

DXY Chart

The correlation between DXY and Bitcoin can be simplified as follows:

When the value of the US dollar strengthens (as measured by the DXY), the price of Bitcoin tends to decrease. This is because Bitcoin is often seen as an alternative to traditional currencies, so when the US dollar is strong, investors may choose to hold dollars instead of Bitcoin.

Conversely, when the value of the US dollar weakens (as measured by the DXY), the price of Bitcoin tends to increase. This is because investors may view Bitcoin as a hedge against inflation or a safe haven asset during times of economic uncertainty.

Leave your thoughts💭 in the comments,

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#BTC #DXY #Binance #Educational #buildtogether

Few cryptos have attracted more controversy, hype and humor than (Elon Musk’s beloved) Dogecoin (DOGE). Yet, against the backdrop of jokes, memes and skepticism, Dogecoin has not so quietly risen to the top ten cryptocurrencies by market cap. Importantly for crypto miners or those considering this trade, Dogecoin is among the most profitable coins to mine.

Dogecoin was launched in December 2013 as a fork of Luckycoin, and boasts both Bitcoin and Litecoin in its lineage.

The coin is the only mineable cryptocurrency among the top ten cryptos, aside from the leading duo — Bitcoin and Ethereum.

Dogecoin is considerably faster and easier to mine than Bitcoin. It also has a lower mining difficulty — as measured by the hash power required to solve a new block — than Ethereum, Litecoin, Bitcoin Cash or just about any other mineable cryptocurrency in the top 100 by market cap. In short, knowing how to mine Dogecoin might be the safest route to profitability for a crypto miner in 2022.

How Does Dogecoin Mining Work?

The Dogecoin mining process is quite similar to that of Bitcoin or other proof of work (PoW) blockchains. Miners try to solve a computational puzzle by using the hashing power of their computers in the race to add a new block of transactions to the chain.

The miner’s reward for each solved block is 10,000 DOGE (about $700 as of the time of writing). Unlike Bitcoin mining, Dogecoin doesn’t use reward-halving in its current mining mechanism. However, halving did apply in the early years of the coin’s operation. Before January 2015, the miner’s reward was halved quite frequently — once every 100,000 blocks, which worked out to about once every 69 days.

The last reward halving occurred in January 2015. The coin’s governance rules specified that there would be no more halving after that date.

How Long Does It Take to Mine One Dogecoin?

The Dogecoin chain is configured to produce one new block of transactions per minute. This is ten times faster than Bitcoin’s block time of around 10 minutes. In practical terms, this means more frequent rewards from Dogecoin mining, a nice feature for those who like frequent — even if small — wins.

At the rate of one block per minute, the Dogecoin network adds 1,440 new blocks per day, producing 14.4 million DOGE (around $1 million) in miner rewards on a daily basis. Given that there’s no more reward halving scheduled for the future, this daily amount of DOGE will continue to be steadily added to the coin’s total supply, which currently stands at around 132 billion DOGE.

The coin also doesn’t have any supply capping, meaning that the 14.4 million daily DOGE will be available to mining enthusiasts for the life of the coin.

How Difficult Is It to Mine Dogecoin?

The difficulty score is the standard measure used to estimate the computational requirements for mining a coin. It specifies the number of hashes a machine needs to produce in order to solve a new block. Dogecoin currently features the lowest difficulty score out of all the leading mineable cryptocurrencies. This means that mining a new Dogecoin block will require less computational power than mining a block on any other reasonably well-known chain.

The table below shows the current difficulty scores, in ascending order, for all the mineable coins in the top 50 cryptocurrencies by market cap.

Data Source: WhatToMine

The mining difficulty scores as of June 27, 2022, for the top 50 coins (Data Source: WhatToMine)

While the difficulty scores may fluctuate over time, as of now, in mid-2022, the results in the table clearly indicate that Dogecoin is by far the easiest notable coin to mine.

How to Mine Dogecoin

There are three main ways to mine Dogecoin:

1. Solo mining

2. Joining a mining pool

3. Using a cloud mining provider

Each of these options has its own merits, although solo mining without a very powerful mining rig has become impractical due to the increased competition on the chain.

1. Solo Mining

To perform solo Dogecoin mining, you join the Dogecoin network as an individual node and use your mining rig to solve transaction blocks. If you do manage to add a new block to the chain, you’ll receive the 10,000 DOGE mining reward without having to share it with anyone else. This is the main advantage of mining solo.

The key disadvantage of mining Dogecoin individually is the infrequency and inconsistency of rewards. Solo miners compete with mining pools, entities that combine the computing resources of a large number of miners to solve new blocks on the network. The combined hash power enjoyed by the mining pools puts solo miners at a disadvantage.

As a solo miner, if you don’t have a powerful machine, you might end up never getting a block reward. Even with a powerful mining rig, you would likely have to wait for weeks or months on average between your block rewards.

2. Dogecoin Mining Pools

Dogecoin mining pools represent a convenient and flexible alternative to mining solo. They pool resources from multiple miners to increase the chance of solving a block of transactions. When a member of the pool manages to mine a block, the 10,000 DOGE reward is split between all the pool participants.

Each member receives a share of the reward proportional to the hash power contributed. Thus, as is the case with solo mining, it pays to have as powerful a rig as possible when joining a pool. Mining pools retain a small percentage of the reward, typically anything between 0.5% and 4%, for providing their services.

For miners without powerful rigs, mining pools might be the only realistic option for earning rewards. Naturally, rigs without significant hash power are likely to earn very little in any mining pool. However, you’ll at least have some funds flowing in on a consistent basis. In contrast, mining solo without a high-end rig will likely lead to no rewards earned at all.

For miners with powerful machines, pool mining may be a good option for earning rewards in a more stable way. Such miners can still be successful, on occasions, via solo mining. However, mining pools represent a way to earn rewards with a much higher frequency, even if in smaller bits.

Let’s say a miner with a high-spec rig manages to earn a full block reward of 10,000 DOGE once a month on average. By joining a pool, they can earn that amount consistently in smaller chunks on a daily basis over the same period.

In other words, joining a pool might not increase the overall profitability of your mining activity over a long-term period, but it will definitely allow you to earn a more consistent income.

As a rule, the larger the pool you join, the more frequent and consistent your rewards.

Largest Dogecoin Pools

There are dozens of large or medium-sized pools mining Dogecoin. However, just a few large pools typically solve the majority of the blocks on the network. Currently, the two largest ones among them are ViaBTC and LitecoinPool.org.

Source: MiningPoolStats

he German-based ViaBTC is the current leader on the network by the number of recently mined blocks. If you’re looking for the most consistent reward schedule, this pool could be a great option. The pool offers merged mining of Dogecoin coupled with Litecoin mining. With merged mining, your rig’s hash power is used to mine two cryptocurrencies at the same time. By mining Dogecoin and Litecoin in this way, you increase your earnings without having to contribute any additional hash power.

Currently, the second-largest pool on the Dogecoin chain by the number of blocks mined is litecoinpool.org, another good option for miners looking for high reward consistency.

As its name suggests, this pool is largely dedicated to mining Litecoin. Dogecoin mining is offered in the merged mining format, together with Litecoin.

A big advantage of litecoinpool.org is the absence of any fees. Among the leading Dogecoin pools, litecoinpool.org is the only one with zero fees.

3. Dogecoin Cloud Mining

The third option for mining Dogecoin is using a cloud mining provider. Under the cloud mining model, you simply pay a monthly or yearly fee to a service provider that “rents” you computing hash power.

The cloud provider mines cryptocurrency for you in exchange for the fee, and gives you a share of the mining profit commensurate with your rented hash power.

Cloud mining doesn’t require you to own any mining equipment, a big advantage compared to solo mining or pool mining. In essence, you simply pay a fee with the expectation of positive returns from the cloud provider.

Naturally, your earnings might fluctuate, depending on the network activity and mining difficulty on the Dogecoin chain. While the fee you pay to the cloud mining provider is usually fixed, your returns are normally variable.

The major drawback of Dogecoin cloud mining is the scant choice of reliable service providers. Many cloud mining providers don’t support Dogecoin mining, and prefer to concentrate on Bitcoin or Ethereum mining.

Among the more well-known companies that offer Dogecoin cloud mining are NiceHash and Genesis Mining. Dogecoin mining is supported on these platforms in the merged mining format together with Litecoin.

Things You Need to Mine Dogecoin

Dogecoin Mining Hardware

With regard to the hardware required for Dogecoin mining, you have, in theory, three main options:

1. Using your computer’s processor, or central processing unit (CPU)

2. Using your computer’s graphics card, or graphicsal processing unit (GPU)

3. Using a dedicated application-specific integrated circuit (ASIC) machine, a computer specifically designed for mining cryptocurrency

Mining Dogecoin using CPU — The most basic way to mine Dogecoin is by using your computer’s CPU. However, in 2022, mining Dogecoin with a CPU, even a powerful one, is likely to be an arduous chore with little chance of success. Although Dogecoin’s mining difficulty is much lower than that of other leading PoW coins, competition among miners on the chain has intensified over the last couple of years.

Theoretically, you can still use your CPU for Dogecoin mining. However, most miners are interested in knowing how to mine Dogecoin profitably. Unfortunately, no CPU is going to be up to that task.

Dogecoin Mining via GPU — Your chances of success are much higher with a machine fitted with a powerful GPU. However, the intense competition among miners has already made profitable GPU mining quite difficult as well. For example, one of the most powerful mining GPUs on the market, the AMD Radeon VII, will only allow you to break even — that is, to earn zero profit per day with the current estimates of Dogecoin mining profitability.

Mining Dogecoin via ASIC — Using an ASIC machine gives you the best chance to derive profit from Dogecoin mining. ASIC machines are powerful computing systems built solely for the purpose of crypto mining. They’ve been popular in Bitcoin mining for many years.

Unfortunately, if you own a Bitcoin ASIC rig, you won’t be able to use it for Dogecoin mining. This is because Bitcoin and Dogecoin use different hashing algorithms. Bitcoin uses the SHA-256 algorithm, while Dogecoin (similar to Litecoin) is based on Scrypt hashing.

ASIC machines used for Litecoin mining are compatible with Dogecoin. In fact, as you might have already noticed, Dogecoin is typically mined in a merged format with Litecoin.

Key Factors When Choosing Dogecoin Mining Hardware

There are two hardware specifications that will affect your mining rig’s profitability – its hash rate and its power consumption. The hash rate refers to the number of hashes the machine is capable of generating per second when mining a specific coin, in this case DOGE. The power consumption is the amount of electricity the machine is estimated to use in watts per hour.

ASIC machines feature vastly higher hash rates than even the most advanced GPUs. At the same time, they naturally consume much more power. ASICs also cost significantly more than computers with high-spec GPUs. All of these factors, along with estimates of profitability, need to be taken into account when choosing suitable hardware.

A number of online calculators can help you estimate current Dogecoin mining profitability by entering the estimated hash rate and power consumption of the machine you’re considering. One such popular calculator is WhatToMine. In addition to the hash rate and power, it lets you specify your current electricity costs and a number of other parameters for granular profitability estimates.

According to this calculator, a high-spec ASIC machine, such as Bitmain Antminer L7 9500Mh/s, may generate a profit of around $10 a day from Dogecoin mining. This estimate assumes electricity costs of around $0.15 per kilowatt-hour (KWh).

Naturally, depending on your location, electricity costs might be lower or higher than this figure, which will have an effect on profitability estimates. Another key determinant, of course, is the current market price of DOGE.

While these estimates may fluctuate significantly on a daily and even hourly basis, they do provide some general guidance with regard to the specific piece of hardware to choose for your Dogecoin mining activities.

Dogecoin Mining Software

After setting up your mining hardware, you’ll need to download and use specific software to mine Dogecoin. There are many software packages that work well for Dogecoin mining. However, not all packages support all three hardware types — CPU, GPU and ASIC.

If you still cling to the increasingly obsolete idea of Dogecoin mining with a CPU, CPU Miner is one of the most commonly used software packages for this purpose. Another popular software, EasyMiner, supports both CPU-based and GPU-based Dogecoin mining.

Other popular Dogecoin mining software packages are CGMiner, MultiMiner and Cudo Miner. Until recently, CGMiner supported both GPU and ASIC mining. The latest version has now removed support for GPUs and only works for ASIC machines. MultiMiner works for GPU and ASIC mining, while Cudo Miner supports all three hardware types — CPU, GPU and ASIC.

Dogecoin Wallet

Besides the requisite hardware and software, you ‘ll also need a Dogecoin wallet, used to receive and store your rewards.

If you prefer to use a software wallet, Dogecoin offers its original wallets — MultiDoge and Dogecoin Core. Other popular choices include MetaMask, Trust Wallet and Atomic Wallet. For those who prefer the security of a cold wallet, the two leading hardware wallet manufacturers, Trezor and Ledger, both support Dogecoin.

Is Dogecoin Mining Profitable?

Mining profitability estimates are always going to fluctuate wildly. Ultimately, the market price of DOGE, mining difficulty and the specifications of your rig will be the key determinants.

As of mid-2022, Dogecoin mining can still be profitable if you use a powerful ASIC machine. Joining a large mining pool is also advisable if you want to improve the consistency and stability of your rewards. The profitability of Dogecoin mining is further improved by the merged mining model, in which your machine’s hash power is used both for Dogecoin and Litecoin mining.

If you have a powerful hardware setup, mine away while the adorable canine remains one of the very few potentially profitable coins to mine.

#buildtogether #Binance #crypto2023 #BTC #BNB

今天是女神节，我和千万加密货币女神的专属节日，分享一下我在币圈的7年多的经历，希望能够一起勉励。

初来乍到之我(你)和两千万的距离

（一）初入币圈之错过

2016年初我来到了币圈，那时候是百花齐放的时代，胆子大的，稍微动点心思的人都能捞到黄金。在这么好的时代，我来了，充满了期待。认识了94之前很多名人，现在可能还有点名气的如老猫，不过他们都出海了，可能割韭菜太狠，怕回来带奥迪圈。

作为刚毕业的大学生，刚出茅庐的我，认知是狭隘的，我介绍了很多传统圈子老板进了币圈，在我的帮助下，有两位挣了2千万左右，而我却只知道波段，如千倍币sc，把自己洗出去。后面拿着ico的某币，也几乎归零。当时没有付费进一些名人的圈子，提升自己的认知，也挺后悔的，那是第一次我错失2000万。

在2017年9/4号，国家一个政策，国内各大各大交易所相继出海，很多币归零，那次前所未有恐慌，很多人负债累累，但是也有少数抄底，几万撬动上千万财富，我认知不够，也出局了。后面看到行情好，和前男友再次归来，拿了臭名昭著的 #eos 三年，凡发工资，必定买，大跌，套信用卡买，这种生活，可能这一轮韭菜也会和之前的我一样，以为抄底，结果被抄家。每次可能会算着自己节约的钱可以买到多少个自己心怡的币，然后节衣缩食，但是可能牛市再次来临时，很多山寨会归零，所以谨慎。

（二）掉入负债圈子之活着

17年我听各个成功学，花了十多万学费，套信用卡的。并且不断的定投EOS ，让我在2018年，荣幸负债30多万。对于一个女生，刚毕业的人来说，压力很大。那时候我都不敢回家，车费付不起，但是我从来没想过轻生，活着就有希望。如果你也负债，加油，好好学习，总结教训，不杠杆，能靠币圈翻身。

这是我第一次错失两千万，反而负债几十万。2018－2020年熊市，很多韭菜离场了，我身边女性很多，感受最明显，结婚生子，退圈了，而我因为有社群在，一直关注这个圈子。那几年的低谷，让我改掉还多毛病，比如有多大能力办多大事，尽量节约，外表打扮再好，兜里没钱，没人搭理你，甚至男友也会离开你。我和前男友分手的原因也是因为钱，分道扬镳。

(三)成功翻身，小有积蓄

2021年，是币圈牛市的一年，在牛才来的时候，在一个币圈群我看到了某古CX盘人打广告，让我们参加过会议，那时候我奔着红包去的，红包没领到，但我也关注了这个圈子。后面依靠某卡挣了几万块，手里也有几千个某卡，放在2021年那时候某卡高峰时候，2000万也有了，没能坚持一年，再一次错过。但是我不后悔，这都是命，运气，很多人觉得是自己本事多好，大部分是你的命运，我见过很牛的人，在运气不好的时候，总做出错误的决策。后面这个CX盘也被端了，换链，各种模式，几乎归零。所以这一次的经验告诉我，不贪，止盈至少让自己过上小康的日子。也别羡慕别人赚很多，完全能功成身退的人不多，大部分是亏损出局，只是我们习惯去看幸运的事情。

之所以能够翻身，一来是遇到去年的牛市，拿住了bnb，还有18年初参与的ico天王级项目 #icp 也发币了。包括后面的shib等，不仅让我还清了30多万债务，还让我有了储蓄积累。

（四）牛市一定会让人发财吗？

个人认为 不是的，无论牛熊，都有人亏钱，有人挣钱，就像2021年，很多人发财了，但是没进口袋的都不算。在2021年，我坚定跟随了我的易经老师，相信易学，也坚持用这个玩币，很多人关注我也是因为易经玩币才关注我，老粉丝都知道我的经历。每次遇到行情扑朔迷离，自己把握不好的时候，都会请我的老师医道帮我测算，2021年牛市虽然没能卖到最高点，但是总体还好，6万跑了。bnb从400卖到560，并且也出金变现了，这个实现了我资金的积累，也很感谢 #BNB 助我翻身一臂之力。在易学的预测指导下，终于我能在加密货币市场挣钱了。虽然没有其他大佬那么多，但是我知足了。反过来看，从第一次我遇到的牛市负债几十万，到这次翻身，小有积蓄，2000万和我越来越近了。相信下轮牛市我就有2000万。

(五)熊市该如何生存？

我曾经在推特分享过，熊市不亏钱就是赚钱。反弹的行情，如果不能及时止盈，是最容易亏钱的。在熊市，要提升自己赚钱的能力，多学习提升自己。并且多观察，不管是观察项目，还是观察你认可的KOL，都可以，熊市是试金石，能帮你找到牛市怎么起飞的答案。

我在2022年，坚持分享推特，自己的经历，很多的文章其实都是对自己的总结。在分享的过程，会遇到很多的评价，有一些很难听的话，但是感谢这些难听的话，我现在能够逐渐适应了。曾经，我因为负面评价哭泣过，甚至想要放弃易学玩币分享的这条路，但是转念一想，如果我放弃了，我就真的失败了，我应该继续做下去，不能因为别人的评价而停止自己的脚步。每一次的压力，都会化为我前进的动力。就像加密货币，不管是94还是312还是什么，币圈发展的越来越好， #BTC 的前进脚步从来没有停止。

感谢缘分，感谢 币安广场，让我再一次分享我的经历。不忘初心，方得始终。永远记得我们来加密货币的初心，我是为了让我的家人过上更好的生活。当你的初心与你现在的状态违背的时候，记得停下来思考再前进哦！

人生需要积累，一夜暴富，非常难，小概率事件，我要做能够达到的大概率事件，也有朋友因为币安链上的链游raca几万块挣了几百万，但是毕竟少数，而且重点要进口袋。你们呢，是否早已几千万，又或者正在努力。但是不管怎么样，我相信加密货币圈子，会改变很多屌丝的命运，这是一个很公平的圈子。一起加油。

#buildtogether

The measure would require stablecoin issuers to have reserves that back the digital assets on an “at least one-to-one basis.

HFSC

The House Financial Services Committee published a draft bill on stablecoin regulation Saturday, its first major piece of crypto-related legislation in 2023.

The bill, which does not yet have a number, would require stablecoin issuers to have reserves that back the digital assets on an “at least one-to-one basis.”

Those reserves could be composed of U.S. coins or currency, Treasury bills with a maturity of 90 days or less, central bank reserve deposits, and repurchase agreements with a maturity of seven days or less that are backed by Treasury bills with a maturity of 90 days or less. 

The bill would give the Federal Reserve (FED) power over nonbank stablecoin issuers like Tether and Circle, which issue USDT and USDC, respectively. Stablecoins issued by insured depository institutions would fall under the regulators of that bank.

It would also impose a two-year moratorium on crypto-backed stablecoins and commission a study on a central bank digital currency; and it would impose harsh penalties on those stablecoin issuers who fail to register their offerings: illegal issuers could face up to five years in prison and a $1 million fine.

Stablecoins are a type of digital currency designed to be pegged to a fiat money, therefore offering investors more price stability than cryptocurrencies like Bitcoin or Ethereum. USDT and USD Coin, for example, are pegged to the U.S. dollar and both worth $1.

Lawmakers published the draft ahead of a Wednesday hearing.

Top 5 Stablecoins

The proposed legislation would regulate stablecoin issuers such as Circle and Tether through the Federal Reserve Bank. Banks and credit unions that want to issue their own stablecoins would need approval from their respective regulatory bodies such as the Federal Deposit Insurance Corporation (FDIC) or the Office of the Comptroller of the Currency (OCC). Registration would be mandatory for any issuer looking to conduct business in the US, regardless of their headquarters.

Another provision in the bill would prohibit uncollateralized stablecoins for two years. This would make over-collateralized, decentralized stablecoins illegal in the US, dealing a major blow to the DeFi industry if the bill is passed in its current form. Stablecoins like MakerDAO's DAI, which existed before the bill was proposed, would be excluded from the proposal under a grandfather clause. However, the US Department of the Treasury should still monitor the sector closely.

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#BTC #Stablecoins #Binance #buildtogether

As a young female college student, having additional income sources was one of the main deals for me after good grades. And to keep up with the demanding bills at school and the hard economy, Ponzi schemes were something almost half of the students back then did as a side hustle.

In the year 2017 precisely, I started looking for all possible ways to make money off the internet in the fastest possible way. In the quest for good money, I ventured into a lot of MMM and Ponzi scheme platforms.

For those of us just getting to hear these words, it meant having your money doubled or tripled by bringing in others.

It was in the heat of this money quest that I heard about bitcoin. So, one of the Ponzi sites then (Zarfund) required the use of bitcoin as compared to other sites in which fiat was used. A friend gave me some of his bitcoins which I stored in a blockchain wallet as of then and used for the transactions.

Fast forward to the late months of that same year, I heard about Steemit. a platform where one can make money by just writing. I dived into it fully, joined communities and got to learn about the platform, made lots of posts and some money.

During this time I volunteered a lot in many communities as a community moderator all in the bid to gain a proper understanding of cryptocurrency and how the Steemit and Hive blogs worked then.

However, things began to evolve in the crypto space real quick and due to some negligence on my path, I lost my savings wallet. This was so discouraging and I took a break from the crypto space for years.

Forward to late last year, I came back fully into the space and I realized I had a lot of catching up to do. It has not been a too tough journey as I had friends who were willing to put me back on track.

Nevertheless, since my return last year, I have worked on various projects as an ambassador, influencer, and community moderator/manager, Open mic manager, etc.

I am currently still influencing projects on Twitter and a big Fan of #Binance I hope this story inspired you not to give up so you won't miss out on a lot. Also, do not stop building as there is no limit to what you can achieve

#buildtogether #biscasso #crypto101