CBDCs Will Replace Private Stablecoin Tether, Central Bankers Say

[sneakyboi]

CBDCs Will Replace Private Stablecoin Tether, Central Bankers Say

Speaking at the annual ECB Forum on central banking, heads of the three central banks said that they are actively exploring the idea of a CBDC. Some predict it will end private stablecoins, like Tether’s USDT.

Andrew Bailey, the governor of Bank of England, said that a CBDC would replace private stablecoins like Tether, Libra, and others as people would be more confident in storing and spending CBDCs.

Learn more about the news here.

[Senin]

This could very well happen.  Now the Chinese government is developing legal documents for the circulation of its digitized yuan.  It is envisaged that the digital yuan will be declared property of China, and it will also be prohibited to use the digital yuan as collateral for other stablecoins not owned by the Chinese government.  Other states have the right to demand this as well.  If this happens, private stablecoins will be outlawed.

[Astra]

This could very well happen.  Now the Chinese government is developing legal documents for the circulation of its digitized yuan.  It is envisaged that the digital yuan will be declared property of China, and it will also be prohibited to use the digital yuan as collateral for other stablecoins not owned by the Chinese government.  Other states have the right to demand this as well.  If this happens, private stablecoins will be outlawed.

The national currencies of states are indeed the property of these states and they have the right to establish their own rules for their circulation and use by other persons.  It is therefore possible that private and various commercial stablecoins may soon be outlawed.

[jonathancool220]

Haha, it's really funny that CBDC was able to wipe out the USDT market. LOL
Look at the huge USDT market and you can't just wipe out the USDT market because this value is truly incredible not owned by altcoins below 100 Coinmarketcap.

But if the CBDC has to remove USDT from their market, that's their right and that's for sure their standard rules and not open to cryptocurrency.

[Fenix]

Haha, it's really funny that CBDC was able to wipe out the USDT market. LOL
Look at the huge USDT market and you can't just wipe out the USDT market because this value is truly incredible not owned by altcoins below 100 Coinmarketcap.

But if the CBDC has to remove USDT from their market, that's their right and that's for sure their standard rules and not open to cryptocurrency.

This will depend on the interests of states and their central banks. Of course, private stablecoins will be direct competitors to the digitized currencies of the central banks of states. If states decide that private stablecoins are interfering with the normal circulation of their digitized currencies, they will, as always, fight them with prohibitive legal rules. In this regard, you cannot argue with states. After all, private stablecoins are backed by the state currency and states have every right to establish any rules for their circulation at their discretion.