Altcoins Talks - Cryptocurrency Forum
Learning & News => News related to Crypto => Topic started by: Shahinaz on December 24, 2020, 02:38:00 PM
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The United States President’s Working Group on Financial Markets, a group responsible for enhancing the “integrity, efficiency, orderliness, and competitiveness” of US financial markets, has issued a statement on the regulation of stablecoins.
According to the working group, the new regulations specifically target stablecoins:
“These requirements address a range of policy objectives, including safety and soundness, countering illicit finance, end-user protection, and market integrity. In particular, stablecoin arrangements with greater potential scale, complexity, and interconnectedness should consider.”
more : https://beincrypto.com/the-presidents-working-group-ponders-stablecoin-regulation/
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Of course, states will not be watching long to see how their national currencies are used as collateral in other stablecoins. Therefore, such regulation is logical and inevitable. There is also a threat here that states will protect their national stablecoins from their central banks and, to reduce competition, may restrict circulation or even prohibit the circulation and use of other stablecoins where their national currency is used as collateral. The Chinese government already intends to do this.
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Regulation is only the first step towards regulating cryptocurrencies as the USA government has long wanted to track the movement of funds in the cryptocurrency field. This is a question of influence on countries that are under sanctions and a question of control over USA citizens and paying taxes