Topic: Europe Will be first to use Stablecoins and btc crypto (Read 300 times)

it is possible that Europe will be the first region to fully adopt stablecoins and BTC crypto. The European Union has been a leader in crypto regulation, and its Markets in Crypto Assets (MiCA) regulation, which is expected to come into force in 2024, is seen as one of the most comprehensive and progressive crypto regulations in the world. MiCA will regulate all aspects of the crypto industry, including stablecoin issuance, trading, and custody.
The EU is also home to some of the world's leading crypto exchanges and trading platforms. These exchanges are already well-regulated, and they are likely to play a key role in the adoption of stablecoins and BTC crypto in the region.

Of course, there are still some challenges that need to be addressed before stablecoins and BTC crypto can be widely adopted in Europe. These include concerns about security, regulation, and environmental impact. However, the EU is committed to developing a thriving crypto industry, and it is likely that the region will be at the forefront of this development in the years to come.

Here are some of the reasons why Europe is well-positioned to be the first region to fully adopt stablecoins and BTC crypto:

The EU has a strong regulatory framework for financial services. This could help to ensure that stablecoins and BTC crypto are used in a safe and responsible manner.
The EU has a large and growing number of crypto users. This provides a ready market for stablecoins and BTC crypto.
The EU has a number of leading crypto exchanges and trading platforms. These exchanges could help to facilitate the adoption of stablecoins and BTC crypto.
The EU is committed to innovation. This could make it a more attractive place for businesses to develop and use stablecoins and BTC crypto.

What did I just read?

Get your facts straight first because it's not them that have used crypto for the first time.

Are you Nostradamus? We've been telling that since ages but they're not going to dump their own currency for crypto. They can accept bitcoin and other cryptos as another payment method but they won't just leave the use of fiat.

The European Union countries cannot, even if the unified currency (Euro) fails to be replaced by its worse work, USDT is a variety that is printed by a company to ensure its purchase of US Treasury assets and bonds and are guarantees in their entirety less than a trillion dollars while the total domestic product of the European Union countries is higher than that.

If the euro is replaced, the trivial options may be a currency tied to the dollar or the dollar, and in any case the USDT is not designed to accommodate a large number of transactions as it accommodates the Blockchain from Tron and ETH, which may be very slow as the adoption increases.

Currency collapse scenarios are very far.

Many newbies have been creating new threads about how to learn and contribute to the forum as soon as possible. Although many of us are a bit tired of threads like these, I think that you should've created one of them before posting your OP:

As others said before, your arguments make no sense and show lack of knowledge on the subject. As a European myself, the simple idea of abandoning euro to cryptos makes zero sense. Maybe a reasonable strategy for underdeveloped countries with very weak national currencies (El Salvador and the like), but certainly not for Europe and Euro. You didn't mention any reasonable argument to support that thesis, and that should've been the first step, instead of sharing your opinion without knowing some fundamentals.

Europe country will made good decision if they do this but I think replacing euro with btc is uneccesary, the geopolitical situation in their area is not so good. they should follow what turkish people did. although i think that it is little bit late but it still okay. it's better than not. whether war is happen or not, I think European people should adopt btc as early as they can so they will get more advantage.

Seems all your opinion from one side only not get reference source about Europe will be first to use stable coin or crypto, I don't think with this your information is true because many Europe countries against with cryptocurrency and they are not happy with present of Bitcoin. If your opinion is true you can related with reference or source link to make other respond are believing with your news update. Current Europe country want to use and adopt Bitcoin as legal payment currency transaction is Russia, that happened because get suspend from Europe Union and Russia don't have many option except accepted Bitcoin as payment currency for their gas transaction.

Actually we can't predict what happen in the future with European Union, will accept bitcoin or not because old parliament in Europe dislike with bitcoin and any possibility if new parliament will change their viewed about bitcoin as profitable for adapting as payment currency in Europe.

I don't care which country he supports or hates because that's everyone's preference. But the point is that we need knowledge or proof of what we say so that people can discuss it more easily. If we are a newbie, we should focus on learning and gaining knowledge rather than making meaningless statements, which only shows our lack of knowledge. As wise people, we should only talk, discuss what we know, what we don't know is best to ignore or learn in silence.

Apart from not being able to predict the future of fiat currency at this time, the future of crypto currency itself is still difficult to predict even though in the European region there are many people who are starting to like crypto currency. Because they also will not forget fiat currency just like that in life as long as they can still use it for everything.

The popularity of crypto currency is now evident, but that doesn't mean that it will immediately get rid of fiat currency more easily because considering things like what you mentioned there still have to be changes from now on so that the use of fiat currency continues to be used by public. Examples include government policies that will not disrupt economic stability when they wish to accept cryptocurrency within the country and also public acceptance of crypto currency by all people.

There is one simple question, to which there is clearly no reasoned answer: what is the point, quite stable, and quite self-sufficient economy of the European Union to switch to unmanaged blockchain stablecoin, which is secured, and even with a lot of questions, by someone else's currency !???
I understand if the EU issued its own steiblcoin backed by the economy and the Euro. And that.... The question remains unanswered - what is the economic sense of introducing an additional ersatz currency, if the Euro works perfectly well both in the EU and outside it ?

It is more likely to be the implementation of Euro CBDC than the use of any third-party financial instruments.

I believe that bitcoin can change things, but replacing the euro with USDT in a few months is a significant assumption. Big economic shifts haven't happened so quickly before.

The Euro won't die from interest rates. A sophisticated equation incorporates trade balances, GDP, government stability, and other elements. Comparing lower rates to the Zimbabwe dollar is too simplistic.

Binance is significant, but it can't replace a continent's financial system. You claim conflict can cause, but nothing more. You could have forgotten.

I don't get your contention that the euro has no "backer". Central banks, international rules, and EU economies; sound familiar?

Even though you seem confident and perhaps arrogant, base your opinions on facts, not exaggerations. Your words seem unsubstantiated.

Honestly, I'm also someone who doesn't like what America and its allies do, but we should be realistic and argue fairly. Although I hope the world will become more multipolar and the BRICS will grow more and more, saying that the USD will die or the euro will disappear is the most bullshit I have ever heard.

If we want to criticize or criticize someone, we must at least have evidence to prove what we say and convince others. I really don't like arguing and am ready to attack others if they make arguments that are not right with us. What OP said is really nonsense and not worth discussing.

You're being very hard on Europe
Well, you can fantasize a lot about crypto. But about the hopelessness of the Euro - you're obviously overreacting !
Now the EU and its leader Germany, are reaching good indicators, and faster than previously thought. The key problems have been solved - diversification of energy supplies, plus prices have actually returned to the old levels, and supplies are stabilized and safe. Unemployment is falling, industrial production is growing, taxes are coming in.... Maybe you really know something that most people don't ? Then share it !

Honestly, I feel like OP is one of the those people who have a strong dislike and opinion against Europe and possibly the US too. I have seen a lot of similar posts like this that seems to throw random claims and theories regarding US and EU that either puts one or both countries in a negative light or posts where they target those countries' economic status by giving false obnoxious predictions and claims. What's even more problematic is that when someone calls them out of it they respond like teenagers on social media that are being called out, so much childishness and stubbornness, pushing their ideas to be facts. The thing about this is that there are new members in the forum that might be too clueless about the crypto and the economy, as some of them are just starting their journey here. These type of posts might be feeding their cluelessness and give them false information.

The Euro collapses? No offense, but I get the feeling you don't have any knowledge about cryptocurrency or economics. The EU is in a lot of trouble because the sanctions they imposed on Russia have backfired on them but to say that their economy collapses and the euro will disappear is an unfounded prediction and you are only relying on your own feelings.

Your statement becomes even more ridiculous by saying that binance is very strong in the EU and BUSD would be their choice. I'm not wrong in saying that you have no knowledge at all. You must have missed the news that Binance will remove BUSD and it is likely that this removal will be completed by February 2024.

Hahahaha it would be great if they do that but where is the source? Trust me bro!!! hahahhaha

The euro is one of the greatest fiat and has been used by many European countries so I don't think it will fall in a couple of years. However I would really appreciate if they start making on-chain stablecoin like USDT backed by 1:1 Euro and government-issued

I just want to correct something or correct what you said this dude, because as far as I know, Europe is not the first country to accept Bitcoin or cryptocurrency in the whole world, but rather the country of El Salvador was the first to accept Bitcoin as legal tender in their country.
Here is the link: https://www.livemint.com/news/world/el-salvador-becomes-first-country-to-use-bitcoin-as-legal-tender-11631144769412.html

Yes, there are many open-minded crypto or Bitcoin enthusiasts here, but the European government is still doing what the El Salvador government did. Then another thing: as far as I know, France was the first to agree to use the stablecoin in the European Union, and the French government even passed a law to make it legal for payments.
https://www.consilium.europa.eu/en/press/press-releases/2022/06/30/digital-finance-agreement-reached-on-european-crypto-assets-regulation-mica/

OP, you don't understand what a country currency is,a country currency  is backed up by the government and there is nothing on Earth that will make a country replace their currency with cryptocurrency,because it is not from the government and they don't have control over it. This will make them have less power to control the citizens and the economy of the country.

The euro is backed up by all the European countries not just one country and nothing on Earth will make them abandon their own currency for another. The war might be affecting the value of euro but it wouldn't still change anything because it is a union thing and I believe that for sure they will fix it. You should also know that inflation is depreciating all fiat currency not only euro.

I stopped reading here. What do you mean by binance having enormous power? This is a ridiculous claim that even CZ of Binance would be shocked to read that that have such power to even make the whole of Europe is crypto. They have no more power than do in America, Europe etc They cannot influence government's decision. The same thing goes for other exchanges too. If you had mentioned an organization like Blackrock that controls the world, then I would agree with you but not binance.

The OP never concluded anything as like you said,because the OP never said the Stable coin was the back bone for the Euro.Euro was the stable fiat like USD,which had their own growth because of the supporting European countries.The traders in the Europe may brought the stable coin as compared to the other coin,because of huge money involvement in their country.The economy of the euro zone was defended by the all the European countries and stabling the price of Euro in their region by the internal exchange of goods.

Well, despite the fact that you claim to have a strong awareness of both the prospects for the euro and the emergence of cryptocurrencies in Europe, such as BTC, ETH, USDC, USDT, and BUSD. The dynamics fluctuate in accordance with the present and future realities, making it impossible to foresee the fiat currency's future at this time.

Whilst it's true that cryptos are becoming more and more popular across the globe, especially in Europe, it's vital to keep in mind that adopting any currency includes a number of complex factors, including governmental policy decisions, economic stability, and public acceptability. It's interesting that you suggest war as a potential catalyst, but I think it's challenging to forecast how the currencies will evolve in the future.

I'm not sure where you got this theory or information from or this is just a random claim you have but I strongly disagree with you. First, you have a baseless claim and seem to only post according to your personal perception and feelings regarding the Euro. Second, please do not expect a fruitful smart discussion by posting something like this without being backed up or citing credible sources as most of us will only find your post ridiculous, if this is an opinion on your end then it would have been better to revise your words and use proper terms to deliver your message or opinion more accurately as opposed to what your post is doing now, as if you are claiming that what you have stated is true and credible.

In fact, to backed my own answer as to why I disagree with your baseless claim, that Euro is doing just fine here is an article by the European Central Bank: https://www.ecb.europa.eu/pub/ire/html/ecb.ire202306~d334007ede.en.html

In this article it was stated that despite the effects of the war between Russia and Ukraine, as well as the effects of inflation, the Euro remains the second most important currency in the international monetary system. Moreover, according to the same article the share of Euro in global official holdings of foreign exchange reserves increased from 0.5% to 20.5%.

For more understanding and actually knowing the current state of Euro, I suggest you visit the link.

As most users mentioned what OP have said is a baseless claim. Being the official currency of 19 member states of European union is much more stronger than USD. It is the second largest in terms of reserve and the most traded currency next to USD. European countries were facing bad economic situation, just on that we can't be conclusive on bitcoin and other cryptocurrencies getting adopted as the primary currency. The strength of currency is determined by the purchasing power and it is not than down as OP had compared with Zimbabwe currency.

I am aware that Germany has gone into recession. I don't think the whole of Europe is in that bad shape. Of course the war has its own repercussions, that doesn't mean Euro is slowly dying. Our own petro dollars might face an issue after Saudia joined the BRICS group. That doesn't mean USD is in bad position at the moment. I doubt Europe will come into such a situation wherein they have to be dependent in cryptocurrency. It would take many many years for the economic situation of Europe to crumble. For now it is still okay and we don't need to panic.

Even if we consider your theory is right then can you please explain why would they use stable coins as back bone for the euro? What made you to come to that conclusion because it is itself has no basis at all. Just because we have crypto currency around doesn’t mean any government would just jump out of nowhere and start considering stablecoins as the back ups. I mean there are traditional precious things such as gold, oil, or may be treasure like gold bonds and what not. Stablecoins are more dangerous and risky to Back national currency. That’s lot to process like that. Financial ecosystem does not work like that mate.

That makes no sense!
Governments look for control, specially on the economy and the currency people use. They will always fight tooth and nail to keep that control. Which means they are not willing to accept a decentralized currency like bitcoin which they can never exert any form of control over its price, its network or to apply any form of censorship like they do in centralized fiat system.

When it comes to cryptocurrencies (specifically altcoins) they are too useless, flawed and with a short life to be accepted by any government least of which Europe that needs that authoritarian rule over civilian's money.

This is even more true when it comes to stablecoins that are centralized but in the control of a company that is usually not under a jurisdiction that they can control.

LOL
Europe's economy is facing a crisis for sure but it is not yet as big as the last one's like the one in the 70's and even when it grows to be just as big or even bigger, it still won't "kill euro", it will just weaken it.
And the solution is not to use bitcoin or any of the shitcoins you listed here.

Europe's economy is dumping but it won't be a few months.

It's not the war, the war is just he catalyst. The real reason is US milking Europe for all its worth so that US can survive.

LOL
Your whole comment sounds like someone who is bag-holding the shitcoins you listed here and are too shy to only list them as the replacement for euro so you also included bitcoin

your statement looks like it was written by this gentleman:



So either it's all a bait or you really have a lot of points to refine in your analysis. The fact that the euro is collapsing is certain, the fact that the currency that is used by probably 400 million people every day and is the reserve currency of many countries will not collapse in a few months is even more certain and it is even more certain it will not switch to USDT or BUSD that don't even have licence to mint new coins.

This is ridiculous! Euro can't disappear completely, let alone in several months. And I don't think crypto/stablecoins could be the replacement as any government is afraid of something they cannot control. And they surely can't control crypto.

EU countries will allow the use and use of cryptocurrencies and stablecoins based on the recommendations of the FATF and the development of their own experience on the conditions for their circulation, but they will never replace their own currency, the euro. The European Union is not looking for an alternative to the euro, as there is no need for it. Moreover, they will not replace the euro with cryptocurrency or stablecoins. Difficulties sometimes arise with all the currencies of the world, but this phenomenon is temporary.

Due to Russia's military invasion of Ukraine and the need to impose various economic sanctions against the aggressor, the costs of the EU countries have increased. However, this is a working moment and they are compensated by other introduced measures and mechanisms. Therefore, I see no reason to panic.

I have to strongly disagree with your post. Your argument is riddled with baseless claims and a lack of understanding of basic economic principles. First, Europe adopting cryptocurrencies like Bitcoin, or stablecoins as the primary currencies is highly unlikely and unrealistic. The euro is a well-established currency and it has proven its resilience over the years. Furthermore, your claim that Binance, or any other private company, holds enough power to replace national currencies in Europe is complete nonsense. On what facts are you basing that?


Only a complete fool can claim to know EVERYTHING!

Yes europe Will be first one who Will use crypto and btc and Stable coins.
Becouse euro can not survive any longer it's impossible and soon only legit currencies in Europe Will be btc eth or usdc usdt or busd becouse binance have enourmous power in Europe.

Many of you dont Even know but all the data and everything shows euro can not survive  If they hike eu rates that's useless If they lower rates then it Will be Zimbabwe dollar anyways
I give euro about life time few months maximum time then it Will be replaced first with USDT

NOW you asking how it could be happening? What's the trigger? It's war off course ... But actually main reason is that euro don't have backer.

You see i know everything with me you guys are smart Also i Will make my School and start teach the real knowledge about everything becouse there is barerly things what existing what i dont know.