This morning, the White House released its first-ever framework on regulating cryptocurrency to prevent fraud, educate people about the potential risks of digital assets, and instant payment systems to make financial transfers safer and more efficient. The Biden Administration is trying to crack down on fraud in the crypto space, since the reported losses from digital asset scams were 650% higher in 2021 than the year before, according to FBI data. And remember when we all had to wait for our stimulus checks in the mail? Well, FedNow is the new 24/7 instant payment system launching next year that could change that by giving us immediate access to things like "government-to-consumer" payments. According to the plan, we might have a digital version of the U.S. dollar for a payment system that is more efficient, safer, environmentally sustainable, inclusive and accessible to a wider group of people.
If you're an investor in crypto or crypto-related companies, the short-term impact to your wallet might not look so stellar. Prices of cryptocurrencies and shares of crypto-related companies like Coinbase are falling after the release.
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Digital assets are anything that can be stored and transmitted electronically through a computer or other digital device, and are associated with ownership or use rights. Well-known examples today include cryptocurrencies and non-fungible tokens (NFTs). While you can't hold digital assets with your hands, they are real assets that you can buy, sell, store, and trade online. Cryptocurrencies and NFTs are individually recorded and authenticated through a public blockchain. Among cryptocurrencies, some popular digital assets include Bitcoin, Ethereum, Cardano, Solana, Polkadot, and Dogecoin. NFTs—the newer of the two concepts—can represent various properties, including artworks, collectibles, virtual reality and gaming items, domain names, and ownership records.
Cryptocurrencies may be bought and sold using accounts with cryptocurrency exchanges or participating brokerages, and through a standalone digital wallet. When it comes to purchasing and holding NFTs, you'll need the same digital wallet you use for compatible cryptocurrencies.
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The volume of buy-now-pay-later (BNPL) lending has exploded, growing 1,092% at five BNPL companies between 2019 and 2021, the Consumer Financial Protection Bureau (CFPB) reported earlier this week. While consumers can benefit from BNPL products, they also come with some major risks, and the bureau said it was increasing its supervision of BNPL companies' practices. |
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