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Subject: The consultative FSB report on global stablecoins (GSC's) that everyone claims "will ban stablecoins"
It contains 10 high level recommendations calling for regulations, supervision and oversight
1/
Subject: The consultative FSB report on global stablecoins (GSC's) that everyone claims "will ban stablecoins"
It contains 10 high level recommendations calling for regulations, supervision and oversight
1/
2/ Let's start with mentioning when the G20 asked the FSB to create this report:
June 2019, over 9 months ago, so nothing new under the horizon
Secondly: shame on you for spreading an article from @crypto_briefing make false claims without fact checking
June 2019, over 9 months ago, so nothing new under the horizon
Secondly: shame on you for spreading an article from @crypto_briefing make false claims without fact checking
3/ The document analyzes the benefits and potential risks/vulnerabilities of stablecoins with a set of recommendations how to further approach developing a regulatory framework with challenges such as cross-border and domain specific regulations
4/ Nowhere does it recommend banning any of them
I'm not going to write a full summary of the report, but nothing remotely recommends to ban these digital forms of financial innovation
Regulation and supervision are the key words, which are necessary for future stability
I'm not going to write a full summary of the report, but nothing remotely recommends to ban these digital forms of financial innovation
Regulation and supervision are the key words, which are necessary for future stability
5/ Aside from potential risks - which I fully agree with - that exist, the article also mentions the benefits of the technology
That said, there is nothing new under the horizon:
Stakeholders (users, exchanges, issuers, developers) have been aware of this research for some time
That said, there is nothing new under the horizon:
Stakeholders (users, exchanges, issuers, developers) have been aware of this research for some time
6/ With the growing demand for stablecoins and knowing some of these stakeholders are carrying immense tail risk, I will assume they are either actively following development of, or working together with regulators, regulatory concerns, framework & mandates
7/ The bottom line is that - as we get a better understanding, globally, of the requirements of said regulations - they can ensure any future adoption of stablecoins will be safe for stakeholders of the financial system across the globe
8/ Basically: don't trust but verify & regulate
Which you should have done too in the first place + shame on @crypto_briefing
Of course regulators will ban things if they pose risks, which is why they regulate and systems adjust to adhere to rules that decrease said risks
Which you should have done too in the first place + shame on @crypto_briefing
Of course regulators will ban things if they pose risks, which is why they regulate and systems adjust to adhere to rules that decrease said risks
9/ The FSB consultative document:
https://www.fsb.org/wp-content/uploads/P140420-1.pdf
The @crypto_briefing article: https://cryptobriefing.com/central-banks-recommended-ban-stablecoins/
https://www.fsb.org/wp-content/uploads/P140420-1.pdf
The @crypto_briefing article: https://cryptobriefing.com/central-banks-recommended-ban-stablecoins/
10/ I congratulate @Tether_to amongst others to be recognized in the global economy and let's be fair:
The world is talking about our little space folks
Financial innovation is coming and we are still very early
The world is talking about our little space folks
Financial innovation is coming and we are still very early
