Post by: newshunter on August 01, 2021, 07:01:07 PM
The bill also calls for the U.S. Federal Reserve to be vested with the clear authority to issue a digital dollar.
Source: New bill proposes US Treasury to have full authority over fiat stablecoins (https://cointelegraph.com/news/new-bill-proposes-us-treasury-to-have-full-authority-over-fiat-stablecoins)
Would appreciate your opinion about this
Post by: Senin on August 02, 2021, 07:38:37 PM
The Chinese government has already drafted a law in which even its digitized yuan was declared its exclusive property and prohibited anyone from using it to provide other stablecoins.
Post by: TomPluz on August 03, 2021, 12:23:21 PM
It seems that approximately the same restrictions will be adopted in the near future by other states. Most likely, each state will prohibit the use of their national currency as collateral for stablecoins to any third parties. In such a case, all private and commercial stablecoins will be outlawed. It will be possible to use gold and precious stones as collateral, even cryptocurrency. But not the national money of states.
The Chinese government has already drafted a law in which even its digitized yuan was declared its exclusive property and prohibited anyone from using it to provide other stablecoins.
In that case, it would not really matter to any one of us. As long as there can be stable assets that can be backing a stablecoin, it would not be a critical concern. Now, there is a big possibility that gold can be the new USA Dollar where many stablecoins can be based on and this can be a good development since in cryptocurrency we are actually debasing the dollar since it is just another fiat money.