Money Coding Is More Worrying Than Bitcoin

Although Bitcoin is the most famous encryption coin and gradually becoming a new asset, legislative groups in countries are watching another audience as a currency system: 00/4: 18 domain Male to the cipher world, many people will think right to Bitcoin. Although Bitcoin is still the most important encrypted coin, it has not been approaching the target of replacing the global payment system. Recently targeted encrypted money in many countries is stablecoin, coins Stabilized in the market like USDT or USDC. Threaten the national currency system of Bloomberg on September 17, the US Finance Ministry is planning to allow a Financial Stability Supervisory Council (FSOC) Investigate into the stablecoin segment. FSOC is an agency assessing a certain business and financial activity that "threatens the US currency system" or not

. If yes, US officials will make more strict bills. However, this is considered a not too new move of the government. Previously, the US Finance Minister was Ms
Janet Yellen repeatedly expressed "concerns" for StableCoin.Tether, with USDT codes that are often used to replace USD on the trading platforms. Photo: Coingeek. On July 19, Ms. Janet Yellen, Chairman of the Federal Reserve (Fed) Jay Powell and Chairman of the Securities Commission and the US Trading (SEC) Gary Gensler, gave a meeting together Sealed to discuss related to stablecoin theme. According to the notes of the meeting, Ms. Yellen emphasized the need to "act quickly" to provide a legal framework suitable for stable coins. Before a day, Professor of Yale Gary University B. Gorton and Jeffery Zhang co-published 49-page reports named "Taming Wildcat StableCoins" (temporarily translated: tame the wild stablecoin market). Accordingly, the two authors argue that private production coins like stablecoin are not effective exchanges
The reason is that stablecoin does not always have a fixed price and therefore has "system risks created by stablecoin". Finally, research offers two solutions. One is to enhance the role of stablecoin equivalent to the national currency of the country. The second solution is launched by CBDC (national stability coins) and has a strict legal framework to limit the existence of stablecoin.With the first solution, the government may require stablecoin to be played onions through the sponsorship of approved banks. The US can also specify all stablecoin to be completely mortgaged with the Fed Treasury. This option seems less feasible.cbdc is a solution for every problem? Easy to see, the governments around the world are heading to the solution to launch CBDC, stable coins due to middle banks Refer to release. At the forefront of this effort is China.CNBC on 8/7 to bring the most information Africa, Deputy Governor of the Chinese People's Bank (PBOC) expresses concerns about the "serious threat" that stablecoin can Causes for the Global Financial and Payment System. The development of encryption makes central banks take into account electronic money issuance. Photo: DC Forecasts. "The so-called stablecoin of some commercial organizations, especially global stablecoin, can lead to risks and challenges for the international currency system," said the most emphasized This point seems to be the common perspective of the Chinese ruler, not only with StableCoin in particular but also for the entire money market in general. Not only enhances the suppression of domestic encryption market, China also promotes CBDC research and testing in recent years. On July 16, PBOC announced the prospectus (Whitepaper) of the e-CNY copper , together with many good results in this digital yuan testing process. Bach, PBOC has started researching e-CNY initiatives since 2014. One of the motivation motivation The E-CNY Development is the appearance of coding and stablecoin. Military e-CNY promotion of China has not been successful, as people are familiar with the types of wallets on the phone. Photo: Reuters. "To solve the problem of price volatility of encryption, some commercial organizations have launched another money called 'StableCoin'. StableCoin is anchored with legal currencies or assets on the financial market to keep fixed prices. Some organizations even plan to launch global stablecoin. This will bring risks and challenges to the international monetary system, clearing system, cross-border money transfer system ", the prospectus of E-CNY said. Ly a lot of water, which the head of global trade agencies also have a unjust look for StableCoin. On September 22, CEO HSBC Group was Noel Quinn said the bank supports the development of CBDC, seeing this as a counterweight tool with stable coins. The Quinn also said HSBC is actively working With the central bank of many countries like England, France, Canada,

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