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Exchange Rates, Crypto and China

Exchange Rates, Crypto and China

Q In recent weeks, El Salvador has adopted Bitcoin as a form of legal tender and China has decided to declare all crypto transactions illegal, fueling the ever-changing landscape of emerging potential substitutes for standard fiat currencies. Building on Written Assignment 4 from 2 weeks ago and recent increases in the value of the USD relative to the Euro, address this question; Does monetary policy on behalf of nations and their central banks (i.e. The Fed) need to take into consideration the value of cryptocurrencies when engaging in policy moves? Why or why not? NOTE: To receive full credit on this discussion board, you need to respond to at LEAST one other student's post.

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As learned in Module 4, Cryptocurrency is a form of payment that can be exchanged online for goods and services. Cryptocurrency has been an evolving new technology that has emerged throughout the last few years. Central banks use a network of banks to distribute money in an economic system. They are essential the backbone of an economy’s financial infrastructure which consists of banks and financial institutions. I believe monetary policy of nations and their central banks must take consideration of the value of cryptocurrencies when engaging in policy moves as a way to have an efficient and successfully ran economy.