Topic: Will governments destroy stablecoins in the long term? - page 3. (Read 800 times)
for what ? i don't see stablecoins is a threat for them/governments , the real threat is a bitcoin, eth , and many many , and now , they even have no idea how to stop it , instead of destroying it, they even just adopt it.
I think it can't be done, because they can't do it even if they use the news to corner the stable coin but it will be hard to stop and it will not be stopped.
the only way is to make their own currency and starting from scratch will probably take some time to join but taking over the whole market is very unlikely.
If there are parties who want to corner the stable coin at this point, it is very ridiculous because nowadays almost all use stable coins at different needs and on average they use it when trading, and another one to take over all the market is such a huge job that only some of the groups will not be able to do it. the only way is to make their own currency and starting from scratch will probably take some time to join but taking over the whole market is very unlikely.
They definitely gonna destroy them if they sees the stablecoin owned by private company could conflict with their interest, imagine what action a government would take to get back all the market shares for it once they figure out that their CBDC most likely not gonna be as popular as the already established stablecoins.
Just wait until all these CBDC released to public it's gonna shake the whole crypto market not because its usability but because the fuss about regulation around it.
Of course, I doubt about destroying stablecoins, but they will take measures for sure. They will impose taxes, introduce some prohibitions. Some countries may ban the whole thing in principle
Definitely taxes at every corner so they can make profit off it the same amount generated from their own version of stablecoin this so called CBDC. but I'm pretty sure most of them gonna oppose the idea of private company trying to compete with them, after all most of government likes to monopoly things.Just wait until all these CBDC released to public it's gonna shake the whole crypto market not because its usability but because the fuss about regulation around it.
Of course, I doubt about destroying stablecoins, but they will take measures for sure. They will impose taxes, introduce some prohibitions. Some countries may ban the whole thing in principle
The probitions will never work and did you see so many prohibitions on bitcoin in the past? that proves if that will be useless. The government has no choice other than adopt crypto. So many banks and big companies have been starting to adopt crypto. The government will never able to ban crypto or stable coin.
This digital currency will always exist in the future. They can only give taxation.
Either governments use stablecoins for their own benefit or destroy them altogether. If governments are able to collect taxes from stablecoins, I don't see why they'd want to get rid of them in the first place. Stablecoins could benefit traditional Fiat currencies, as governments use them as "experimental grounds" for their own CBDCs. Some people believe that governments will use pre-existing stablecoins (instead of creating their own digital currencies from scratch) as the new standard of money in the future. Whenever that will become a reality or not, it's yet to be determined. If stablecoins were to live alongside CBDCs, they're going to have to "play by the rules". Otherwise, they'll fade into oblivion leaving people only with decentralized cryptocurrencies and traditional Fiat (via CBDCs).
I am not sure that any government will use any stablecoins as a model for their digital currencies, because there are different principles of functioning and the only common thing can be the use of blockchain as the main technology and nothing more. Even more so, I am not sure that governments will use stablecoins in their activities at all. However, this does not negate the fact that stablecoins and digital currencies can completely coexist and there will not necessarily be bans in this area. Here everything is strictly individual in each state and is directly dependent on the attitude to cryptocurrencies in general.
I think it can't be done, because they can't do it even if they use the news to corner the stable coin but it will be hard to stop and it will not be stopped.
the only way is to make their own currency and starting from scratch will probably take some time to join but taking over the whole market is very unlikely.
the only way is to make their own currency and starting from scratch will probably take some time to join but taking over the whole market is very unlikely.
If governments are able to collect taxes from stablecoins, I don't see why they'd want to get rid of them in the first place. Stablecoins could benefit traditional Fiat currencies, as governments use them as "experimental grounds" for their own CBDCs.
Most governments might be already monitoring the progress of stablecoins but I'm not sure they will consider stable coins as the testing ground for their CBDC because stable coins are limited to crypto space but CBDCs are not having any such limit.There are a lot of possibilities for governments to collect taxes from stablecoin holders as most currently available stablecoins are corporate based hence any kind of regulation will be possible for government against stablecoins.
I read on this forum about decentralized stablecoin but not sure about its progress as of now.
Yeah, I am also looking for a truly decentralized stablecoins but I'm not seeing anything like that to be launched in any near future. As stablecoins become more popular in the mainstream world, many are starting to wonder whenever governments will allow the industry to flourish or destroy it altogether. We've seen how interested central banks and mainstream governments are in launching digital currencies of their own. Something like a stablecoin would prove to be a huge threat to the existence of Fiat. I wouldn't put decentralized cryptocurrencies on this, because they're largely unstable. Only stablecoins pegged to the USD like Tether or USD Coin could pose a real threat to the financial sovereignty of Fiat currencies like the traditional US Dollar. Either governments use pre-existing stablecoins as their own, or create new ones from scratch (most likely situation) effectively putting an end to stablecoins' preeminence in the mainstream world.
What are your thoughts?
What are your thoughts?
I agree with what others said here that if they wanted to destroy stable coins they would have acted already. On the other hand they may be aware that there can also be decentralized solutions, possibly anonymous solutions. If you were a government, what would you prefer? A centralized stable coin that you can scrutinize whenever you want or drive innovation towards decentralized anonymous stable coins that you neither can stop nor scrutinize?
the US government will favour the use of stablecoin because it will still put USD as the reserve currency despite the crashing economy.
It's yet not clear how they could take advantage of the market but if one day the government-backed stablecoin will be one of the stablecoins used in crypto, it's going to be clear that they like it being part of the crypto ecosystem. the government can easily get tax from it.
It's yet not clear how they could take advantage of the market but if one day the government-backed stablecoin will be one of the stablecoins used in crypto, it's going to be clear that they like it being part of the crypto ecosystem. the government can easily get tax from it.
Either governments use stablecoins for their own benefit or destroy them altogether. If governments are able to collect taxes from stablecoins, I don't see why they'd want to get rid of them in the first place. Stablecoins could benefit traditional Fiat currencies, as governments use them as "experimental grounds" for their own CBDCs. Some people believe that governments will use pre-existing stablecoins (instead of creating their own digital currencies from scratch) as the new standard of money in the future. Whenever that will become a reality or not, it's yet to be determined. If stablecoins were to live alongside CBDCs, they're going to have to "play by the rules". Otherwise, they'll fade into oblivion leaving people only with decentralized cryptocurrencies and traditional Fiat (via CBDCs).
Nonetheless, we cannot tell with certainty what will happen in the future. Regulations will play a huge role in determining stablecoins' prominence in the mainstream world. As long as stablecoin issuers comply with regulations, there should be nothing to worry about. With or without stablecoins, crypto/Blockchain tech will be here to stay for a very long time. Just my opinion
When governments discuss stable coins, Tether is not even mentioned. This gives you a clue about USDT and how much this token is given any serious attention.
Instead USDC seems to be gaining in favor or regulators. Anyway, I am not going to use any centralized stablecoin like those, and I am not supporting them. It would be better to hold any cryptocurrency instead of stable coins.
Instead USDC seems to be gaining in favor or regulators. Anyway, I am not going to use any centralized stablecoin like those, and I am not supporting them. It would be better to hold any cryptocurrency instead of stable coins.
They were trying to create a law suite against USDT but they could not take any action. They tried to create a case where USDT is not fully backed by dollar but failed to proof.
As always, the government will try to destroy not only stable coins but also the overall crypto but they can't succeed.
I don't think governments have any interest in destroying stablecoins especially if they manage to earn a little bit on them (with taxes) i think they can coexist very well alongside fiat, they would be a great loss if they no longer exist are a great tool / help for traders to exit day trading at the end of the day
Why would the government allow these stable coins to coexist should be the question when they do not offer anything to the government and they will not wish to see a stable currency shining above their fiat counterpart. We will only have a clarity when the regulations are set in place and how each government will deal with these things and how they view stable currency and privacy based currency and i expect every government will have a different view point.
Of course, I doubt about destroying stablecoins, but they will take measures for sure. They will impose taxes, introduce some prohibitions. Some countries may ban the whole thing in principle
This should not be a threat to the government, precisely with the existence of stablecoins the government must be able to innovate by creating its own digital money and must be able to compete in order to make it easier for its users by charging cheaper transaction fees. The existence of cryptocurrency is able to provide business opportunities, the government should not prohibit or destroy stablecoins instead the government must be able to provide strong support for it
- The government is looking for an opportunity in crypto but if they try to ditch the stablecoins in order to establish a new network of them, that doesn't seem to be the exact plan, even many investors will be averse to them when almost many people always exchange their bitcoin for stablecoins to keep value. Seriously, the destruction will not be reasonable, want to participate in here as a stablecoin, the government needs to create a friendly relationship and an easy environment, when they reach the attention of people, they will become owners of the stablecoin industry and other stablecoins will decrease in value. 
I don't think this can happen with all stablecoins. Governments may ban the use of certain stablecoin because they broke the rules. At the moment governments have many control instruments and do not need to ban stablecoins.
On what kind of rules, you are referring to? Because this is not kind of exchange or casino where people register and maintain an account and may get clear themselves for all KYC procedures so that government will have positive stand against them. It is kind of open world, devs cannot be responsible for users behavior on committing any crime like money laundering or supporting terrorism/drugs. So, there is no rules are binding here for those stablecoin corporations secured.It means in near future anything may happen. So, it is highly dangerous to make use of those centralized stablecoins. I read on this forum about decentralized stablecoin but not sure about its progress as of now.
The United States accepts cryptocurrencies and crypto companies. It is these companies that pay taxes and obey the laws related to cryptocurrencies. Stablecoins do not affect the economy much as they represent dollars or assets collateralized in banks. Stablecoins are in control.
If banks try to destroy stablecoins by banning firms, more decentralized stablecoins are created instead.
Read the following article to understand more about decentralized stablecoins.
https://hackernoon.com/a-comprehensive-guide-to-decentralized-stablecoins-22f66553c807
If banks try to destroy stablecoins by banning firms, more decentralized stablecoins are created instead.
Read the following article to understand more about decentralized stablecoins.
https://hackernoon.com/a-comprehensive-guide-to-decentralized-stablecoins-22f66553c807
When governments discuss stable coins, Tether is not even mentioned. This gives you a clue about USDT and how much this token is given any serious attention.
Instead USDC seems to be gaining in favor or regulators. Anyway, I am not going to use any centralized stablecoin like those, and I am not supporting them. It would be better to hold any cryptocurrency instead of stable coins.
Instead USDC seems to be gaining in favor or regulators. Anyway, I am not going to use any centralized stablecoin like those, and I am not supporting them. It would be better to hold any cryptocurrency instead of stable coins.
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I don't think they'll do that. They have the power to even control those stable coin providers except the decentralized ones. They can still make use of them.
That's why I don't think that it's necessary for them to do it.
That's why I don't think that it's necessary for them to do it.
While that's true, I think the government would rather create theirs that endorse the already existing ones knowing fully well any positive decision made towards the cryptocurency industry is more like endorsing it generally. The government are scared of how far the industry has grown even with all their efforts to discredit it with all sort of fud.
The fiat system would be very difficult for the government to let go. With manual printing, they can print as many currency they need without anyone questing that decision as they're all into the game and it's hidden to some extend form the general public but if that system was to be digitalized or brought into the blockchain technology, it'll mean they'll have to account for whatever decision they take as their tricks would no longer be hidden.
You can see with tether, each time new coins are minted, the general public are aware, don't think the government would want to put themselves in that shoe.
They will make their own stablecoins, of course, which are easy to control and also have strict regulations. I'm not sure they will make any special rules regarding stablecoins at this point (in this case Tether). But as said, it will depend on the situation in the future, I'm sure there are still a lot of crypto statuses that have not been clearly regulated by any government.
At the present time now they cannot do that, and if ever they will destroy it, what is the valid reason anyway? Are you thinking stablecoins can replace by the digital currency? probably, this might be your thinking anyway, am I right? Though, the government has the power to do it but unfortunately, they will not do that for sure in the end.
Well, Maybe...honestly, I'm not sure and I don't think it now. Of course, changes will come sooner but I wasn't thinking that the government will do this, I'm thinking about how the whales could change the market situation.
I was looking forward to seeing the government will support but this does not mean that we will abandon stablecoins for the reason that we are adopting the digital world. Because whether we like it or not, many people were still be using this one since the use of digital currency is just an option. And I'm sure that I'll still be using it.
I was looking forward to seeing the government will support but this does not mean that we will abandon stablecoins for the reason that we are adopting the digital world. Because whether we like it or not, many people were still be using this one since the use of digital currency is just an option. And I'm sure that I'll still be using it.
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