Cryptocurrency war — Governments and big banks are afraid

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Governments and central banks have an innate fear of cryptocurrencies becoming too big.

That is the reason the US Federal Reserve and the US Treasury turned down Facebook’s attempt to launch its own digital currency, Libra. With no comprehensive regulatory framework in place, the regulators did not like the idea of giving a tech giant the go-ahead to print its own money.

What stands out is the rapid innovation of new instruments. From the start volatility has been an issue. But there are now stablecoins, which are linked to a fiat currency or commodity. There are also ways to seek out the best yields in the crypto world and change from coin to coin. The end of money has come about because of erosion of trust in the existing banking and financial system, they argue. Cryptocurrencies are viewed in the book as flawed in large part because of security flaws, lack of regulation, and because they facilitate the hiding of illicit activity.

To try and counter the rise of private currencies, central banks could soon issue their own digital currencies. But their intention is to control rather than permit greater freedom.

 

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Damn them and their Fiat...

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