The Fed plans to launch its own cryptocurrency

Still, the use of cryptocurrencies in India and China are not accepted, but they are open to the use of the blockchain. In India, its central bank has banned the use of all types of cryptocurrencies among the entities under its regulation.

In addition, it has requested the Supreme Court to declare illegal any transaction made with cryptocurrencies in order to completely ban its usage. However, it is committed to blockchain technology and its incorporation into the defense industry.

"Blockchain technology and artificial intelligence have revolutionized the paradigm of war; therefore, its adoption is necessary to safeguard the security of the critical infrastructure," says Sentenced Rajnath Singh, Minister of Defense of India.

For its part, China decided very recently to adopt blockchain technology, in addition to investing in its development and implementation, what many saw as an approval of the discretionary use of cryptocurrencies. Given this claim, Xi Jinping declared that cryptocurrencies were financial fraud under the Ponzi scheme.

While India totally rejects cryptocurrencies, China has flirted with the possibility of having its own digital currency. The United States, for its part, has felt the urgency of advancing actions aimed at the creation of its own cryptocurrency; after Facebook's claims to put the Pound into circulation.

It is for this reason that US lawmakers have been pushing the Federal Reserve; In order to speed up the processes to create and put into circulation a cryptocurrency and advance in the blockchain.

The concern that drives such a decision is the possibility that the Facebook currency will become a currency of global exchange; Leaving aside the dollar as one of the most widely circulated currencies in the world.

"It is better to begin to understand the blockchain industry because the adoption of this technology is inevitable," said Patrick Harker, president of the US Federal Reserve branch in Philadelphia.

Libra could be considered a stable currency by the Financial Service Committee of Congress

Sylvia García, a member of the Financial Services Committee, considered the Mark Zuckerberg's Libra a stable currency and a value under current law. In addition, she said that a regulatory structure with clear crypto assets would provide greater protection to consumers and guarantees to government supervision.

Recently, a group of senators presented to congress a bill that, if passed, would place more supervision and regulation on the cryptocurrency of Facebook.

Although David Marcha, head of the Libra project, told the congress at the hearing, that the Facebook cryptocurrency is more similar to the PayPal system and that it was not a value fund. The same will have to face a series of regulatory obstacles that the Libra Association and Facebook must overcome.

Fidelity Investments authorized to guard cryptocurrencies

The Department of Financial Services authorized Fidelity Investments to provide cryptocurrency custody and commercialization service by individual and institutional investors. This service will be provided under the name of Fidelity Crypto Custody approved in New York.

Already the agency responsible for the regulation of the Department of Financial Services had given the good favor to 23 companies related to cryptocurrencies such as the case of Bakkt and CoinBase, who received their licenses.

According to Abigail Johnson, executive director of Fidelity, her company has extensive experience in the use of digital accounting books and cryptocurrency mining, which is why she launched her own Bitcoin custody service in 2018 with excellent results.

This authorization will allow Fidelity to operate its custody service from New York. Recall that this was a state quite reluctant to cryptocurrencies.

The world's largest economies are paying special attention to the possibilities offered by blockchain technology, and although there are many countries that oppose the creation and spread of crypto assets, they are the same ones that are currently studying the possibility of generating their own digital currencies.

Since the emergence of Bitcoin, numerous offers have been generated in cryptography, to the point that states do not want to be left out when this technology takes over the market and its range of transactions.