Stablecoin News for the week ending Wednesday 24th November.
Disruption is scary – particularly if it is happening to you!
Here is our pick of the 3 most important Stablecoin news stories during the week.
Last week a number of Politicians and Regulators woke up to what the current financial marketplace disruption could mean. We all like disruption as it brings us new goods and services and enhances our lives – except if it is our job which is impacted.
First, the ECB sounded the alarm and said this was not just a play thing anymore.
ECB Sounds Alarm Over Linkages Between Stablecoins and Conventional Financial Markets (coindesk.com)
Then the World Economic Forum (WEF) decided to take a closer look. Spoiler alert, they don’t think stablecoins have a use case that is not already adequately covered by the current system.
WEF_Value_Proposition_of_Stablecoins_for_Financial_Inclusion_2021.pdf (weforum.org)
Finally an interesting article on disruption and just who would be the target of that disruption.
“The crypto market would offer some financial services, including fully collateralised lending. It would offer unregulated savings instruments. Fiat money won’t disappear, but it will lose its monopoly status. When that happens, central bankers will find that they are no longer in control.”
The article goes on to explain how grand projects like the Euro will be shrunken and less effective.
The great disruptor (eurointelligence.com)
So what could all this disruption mean for our Regulators and Politicians? Hilary Clinton joined the dots for us Crypto Could Undermine the Dollar and Destabilize Nations: Hillary Clinton.
Makes a change from the Military and Secret Service doing it for them!
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Alan Scott is an expert in the FX market and has been working in the domain of stablecoins for many years.
We have a self imposed constraint of 3 news stories per week because we serve busy senior Fintech leaders who just want succinct and important information.
For context on stablecoins please read this introductory interview with Alan “How stablecoins will change our world” and read articles tagged stablecoin in our archives.
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