Treasury Department Evaluating a Government-Sponsored Digital Dollar

Treasury Department Exploring Use of FedCoin

According to Deputy Treasury Secretary Justin Muzinich, the Treasury department is exploring multiple possible avenues to support a central bank digital currency tied to the US dollar. The Boston Fed is taking a leading role in this exploration, partnering with MIT’s Digital Currency Initiative to evaluate more than 30 different blockchain networks to test scalability, efficiency, and ability to support US financial infrastructure.

Muzinich noted in a statement, “There are clearly efficiency benefits and cost benefits to using a distributed ledger… And I also think, more broadly, it’s important for government to embrace innovation and not be scared by it.” As Muzinich states, the US must take initiative and embrace the pace of global tech innovation, especially as China is already leading the charge.

Muzinich also noted how crucial it is for the government to begin regulating cryptocurrencies, as they offer versatile solutions to many governmental and corporate financial operations. While compliance to AML rules presents a barrier for governmental adoption of digital currencies, we believe that with the rate of innovation that the crypto ecosystem is experiencing, solutions to AML and KYC concerns are not far away.

To remain a global economic superpower, the United States must position itself along the cutting edge of financial technology, and adopting blockchain technology as the backbone of its future financial system is the most progressive, stable, and secure approach to ensuring future economic competitiveness.

By Liam McDonald

Twitter Founder Places 1% of Square’s Total Assets into Bitcoin

Jack Dorsey Places 50 Million of Square's Assets into Bitcoin

Yesterday, Twitter and Square CEO Jack Dorsey announced that Square bought 50 million dollars worth of Bitcoin, equivalent to 1% of the company’s total assets. Following the announcement, Bitcoin’s price jumped 2.5% to find a new price resistance level around $11,000.

This announcement signifies that the world is one step closer to utilizing the true purpose of digital assets as a way to unite the world financially under a universally accepted financial system, which directly aligns with Square’s vision in building a more inclusive future.

“Square believes that cryptocurrency is an instrument of economic empowerment and provides a way for the world to participate in a global monetary system, which aligns with the company’s purpose… For a company that is building products based on a more inclusive future, this investment is a step on that journey” the company stated.

Sarson Funds is aligned with Square’s pursuit to create a more universal and inclusive financial future, and we are excited to see that yet another one of the world’s leading corporations has committed themselves to bolstering the infrastructure to help make the world a better place.

By Liam McDonald