follow us on twitter . like us on facebook . follow us on instagram . subscribe to our youtube channel . announcements on telegram channel . ask urgent question ONLY . Subscribe to our reddit . Altcoins Talks Shop Shop


This is an Ad. Advertised sites are not endorsement by our Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise Here Ads bidding Bidding Open

Author Topic: Bank of France is Closely Watching Stablecoin Developments, Says Governor  (Read 1621 times)

Offline Pegasus

  • Legendary
  • *
  • Activity: 1502
  • points:
    9826
  • Karma: 28
  • Trade Count: (0)
  • Referrals: 0
  • Last Active: May 23, 2023, 06:19:09 PM
    • View Profile

  • Total Badges: 21
    Badges: (View All)
    Fifth year Anniversary Fourth year Anniversary 10 Posts

The Bank of France has taken an interest in stablecoins, as indicated by the bank’s governor Francois Villeroy de Galhau in a Bloomberg report on May 14 .

Villeroy has said that the bank is “observing with great interest” growing networks that allow members to exchange stablecoins for tokenized securities, goods, and services. He makes a point to distinguish stablecoins from cryptocurrency tokens at large, however, saying that stablecoins “are quite different from speculative assets like bitcoins, and more promising.”

Villeroy has been an outspoken critic of bitcoin in particular, notably making the following statement at a 2017 conference in Beijing, China:

“We need to be clear: Bitcoin is in no way a currency or even a cryptocurrency. It is a speculative asset. Its value and extreme volatility have no economic basis, and they are nobody’s responsibility. The Bank of France reminds those investing in bitcoin that they do so entirely at their own risk.”

Mario Draghi, the President of the European Central Bank (ECB) — of which Villeroy is a governing council member — has recently echoed these sentiments, saying that cryptocurrency is not a currency, but rather a risky asset. Draghi points to the lack of backing for tokens such as bitcoin, rhetorically asking, “Who is behind the cryptocurrencies?”

Unlike bitcoin, stablecoins are designed such that their value is always tied directly to some asset, such as gold, or are stabilized by an algorithm. A number of stablecoins have their value pegged to fiat currencies, such as TrustTokens’ line of fiat-backed coins, which include TrueUSD (U.S. dollars), TrueGBP (British pounds), TrueAUD (Australian dollars) and TrueCAD (Canadian dollars).

Source

Altcoins Talks - Cryptocurrency Forum


For Monthly biddings Check Here


 

ETH & ERC20 Tokens Donations: 0x2143F7146F0AadC0F9d85ea98F23273Da0e002Ab
BNB & BEP20 Tokens Donations: 0xcbDAB774B5659cB905d4db5487F9e2057b96147F
BTC Donations: bc1qjf99wr3dz9jn9fr43q28x0r50zeyxewcq8swng
BTC Tips for Moderators: 1Pz1S3d4Aiq7QE4m3MmuoUPEvKaAYbZRoG
Powered by SMFPacks Social Login Mod