Stablecoins could be forced to centralize issuance and major crypto platforms broken up under plans put forward by the Financial Stability Board Tuesday.
“This turmoil has once more underlined the need for a comprehensive approach to crypto-asset regulation,” Knot added, after a volatile year that saw the price of major assets like bitcoin and ether tumble, and the total collapse of companies like crypto lender Celsius Network. Tuesday’s reports are a “major step” towards that framework, Knot added.
The FSB warns of extra risks when wallet providers offer services for stablecoins – cryptocurrencies which seek to maintain their value against conventional assets such as the U.S. dollar. Disruptions to a wallet service could allow for malicious transfers, potentially leading to a stampede from panicking customers, and there’s often no clarity on what happens if a provider goes bankrupt, the report said.
FinStbBoard jackschickler Dude, I've heard so many times about the danger of Tether from these bankers... THEY ARE THE only danger
FinStbBoard jackschickler I guess fiat backed stablecoins are fine then. Keep using $USDT.
FinStbBoard jackschickler Stablecoin balance on exchanges represents “dry powder,” or idle liquidity that can become a strong driving force in the market. And I think that having $USDT in your portfolio is a good idea.
FinStbBoard jackschickler Is this the start of a crackdown by TradFi institutions against crypto? 'That's the idea because they're saying cryptocurrency needs to play by the rules that traditional finance does,' jackschickler explains. Watch more, presented by trondao:
FinStbBoard jackschickler Well, USDT will be still on the top for sure.
FinStbBoard jackschickler Reach out to TOMFIGG1 to start making profits from his crypto strategies…..do invite your loved once to benefit from this opportunity too. TOMFIGG1
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Source: Cointelegraph - 🏆 562. / 51 Read more »