Clock is ticking: the walls are closing in on the $2.8tr crypto market

The rush to regulate and displace the $US2 trillion market in cryptocurrencies is accelerating.and said any company providing trading services to Chinese citizens would be deemed to be engaged in illicit activity.In the US, Securities and Exchange Commission chairman Gary Gensler wants the power to regulate crypto assets as securities, arguing that the sector is rife with fraud, scams and abuses.

Also coming later this year is a paper from the US Federal Reserve Board canvassing the prospect of a US government-issued digital currency even as the Bank for International Settlements issued a set of reports produced by seven central banks last week exploring in some detail the implementation of central bank-issued digital currencies.– it has been engaged in an advanced pilot program – had previously banned crypto mining, which is extremely energy-intensive.

It seems a foregone conclusion that the major central banks and financial regulators will move to neutralise the threats to their own position and the stability of their systems by issuing their own digital currencies while forcing the digital challengers into the regulated financial system. Stablecoins – tokens backed by baskets of physical assets, or tied to reserves of US dollars – could be much more of a threat to central-bank issued currencies, even if they only represent about $US125 billion of the $US2 trillion crypto asset market today.

Bartholomeusz writes about Bitcoin a lot but understands very little. Perhaps The Age needs somebody with the ability to go down the rabbit hole? Somebody younger without boomerbias

Well you know what side the reporter is on, must have loads of bank shares very biased reporting, crypto is here to stay and it’s not owned by the same few who own and corrupt the banking industry.

“Their own digital currency” 🙄 We’ve had a digital currency for years. Meanwhile, bitcoins aren’t currencies, they’re scams: their only value is tricking someone to take them off your hand in the hope of passing them to yet someone else.

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