Topic: Will governments destroy stablecoins in the long term? - page 4. (Read 779 times)
will not the government destroy the stable of coins, because the government has no right to it. and the government can't do that, so I think it's an impossible thing the government can do even with any technique.
Once governments start launching their own coins we will know the answer for this question. So far I see no issues with stablecoins, if things continue this way stablecoins will coexist together with governments' digital currencies. My guess is that governments don't have enough power to forbid someone from using a stablecoin, the same way they have no power to forbid someone from using bitcoin or any other decentralized crypto currency. The point that may incentive people to use governments' coins instead of stablecoins is the safety people have when using the national currencies, guaranteed by the authorities. The same guarantee they assure when you invest with the national banks, for an example.
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Whether it'd be decentralized cryptocoin or stable ones like you mentioned, government cannot truly destroy those.The least they could do would be just to be ban it like every single existing exchange you know out there can be banned.
Sure ban it, but then people would proceed to private browsing.
So to answer your question, OP. No, it cannot be.
if they were serious about launching their own crypto coin, I'm sure they would ban other coins. they definitely want the coins to be used, so the best way is to ban others. stablecoins that are not made by the government will have no place, no matter if they are backed by fiat. they easily do all of that.
This is not true, CBDC's are going to be launched in most countries in the coming years, but they will be in operation with other coins, when talks of CBDC's "shed it's milk teeth'', people taught it'll be unable to function/coexist with other coins, but CBDC's are centralized, thus it's very much different from dex crypto, thus there'll be absolutely no problem using the both of them in the same area.Having said that, the best way for a government to promote their own cbdc/stablecoin isn't to ban or destroy other coins, people have their preferences and choice, thus it's great to let people decide which coin they want to use and it's more ideal in a situation like this were the different coins somewhat perform different purposes.
There is always a possibility. If the government think that stablecoins are fraudulent and that is is used to launder money then there is a huge chance the the government will se it as a problem and will file a criminal case against it and/or order for the ban of the stablecoins in their country.
That's facts which mostly considered as government till today still seeing that side of crypto industry, if they see
that stable coin which is the version / representative of fiat inside this market are being use as a channel for transacting
illegal activities, the chance that they'll chase this coin to the point that they'll abolish or destroy it's existence from their
jurisdiction.
There is always a possibility. If the government think that stablecoins are fraudulent and that is is used to launder money then there is a huge chance the the government will se it as a problem and will file a criminal case against it and/or order for the ban of the stablecoins in their country.
I think it is hard to destroy the stable coins like top 5 in coinmarketcap, they build strong foundation alredy in crypto world and its very hard for it to lower the price. We know that digital currencies like alternative coins is future of world and more stable prices and stable in trading
stable crypto won't interfere with fiat money. there is no reason I think a government should do that.Some exchanges that can make fiat withdrawals must also be integrated with the intended bank. there will be no stable crypto withdrawals to the bank. all must be converted first.
no they wont destroy it because stable coins and fiats are close to each other .
stable coins are the digital version of fiat but we have a small number of stable coins today and governments that dont have thier own stable coins can create one with its own stable value not 1 usd .
if there is a threat to fiat that are cryptocurrencies says the government not me because this was been debated before by governments on why they impose a ban in cryptos .
stable coins are the digital version of fiat but we have a small number of stable coins today and governments that dont have thier own stable coins can create one with its own stable value not 1 usd .
if there is a threat to fiat that are cryptocurrencies says the government not me because this was been debated before by governments on why they impose a ban in cryptos .
Basically fiats can't destroy fiats as the government itself won't care about them becasue they can be easily be regulated for the benefit of the government. The government in some years to come will gather these stable-coins for their benefit, so, the fear of the government destroy these stable-coins will not even exist. The decentralized stable-coins should be those that government might fight but still yet might not see the light of the day as these decentralized stable-coins can't be trace.
I think it is hard to destroy the stable coins like top 5 in coinmarketcap, they build strong foundation alredy in crypto world and its very hard for it to lower the price. We know that digital currencies like alternative coins is future of world and more stable prices and stable in trading
As far as I know AMerica is the only nation that are critical to cryptos, look at what happen to Ripple, the hearing/trial is still on going and also there are some coins/tokens are now on the hot seat, US is one of the threat in cryptocurrency, because they want to control the crypto economy and they want decentralize platform to look and impose AMLAC to every US and non US citizen who are holding bags of cryptos.
if they were serious about launching their own crypto coin, I'm sure they would ban other coins. they definitely want the coins to be used, so the best way is to ban others. stablecoins that are not made by the government will have no place, no matter if they are backed by fiat. they easily do all of that.
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.
In each country, the government has all the capability to destroy a certain altcoin. No matter how successful or well-known that stablecoin is, as long as they plan or they intend to destroy, it will be destroyed. There are still exceptions actually, like bitcoin and other successful coins in the market. Even if the government would do something to destroy the reputation of those, there will still be a lot of users who would keep on using it in the dark. The government might seem to go against cryptocurrencies but the actual thing is that they are secretly taking advantage of cryptos domination and will surely make the most in the future.
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.
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?
This problem may indeed arise in the near future. On the one hand, existing private and other commercial stablecoins use the currencies of various countries to back their stablecoins. On the other hand, stablecoins of the central banks of states should soon appear in large quantities.What are your thoughts?
I have already read that when preparing a package of laws that will ensure the circulation of the Chinese digitalized yuan, there will be rules that recognize this currency as the property of the state and prohibit its use by others as ensuring the functioning of other stablecoins.
Since the current stablecoins will effectively compete with the stablecoins of the central banks of states, states may well prohibit anyone from using their currency, or even their stablecoin, to enable private and other commercial stablecoins to function.
...What are your thoughts?
A real competitor for existing stablecoins is not yet available on the market, but it will definitely be the digital USD, work on which has already begun. And this digital dollar will automatically gain the trust that the traditional dollar has. Of course, the digital dollar will not be the only one, other governments are also working on creating a CBDC, but the digital dollar will definitely be one of the leaders.
I really don't think governments want to destroy the stable coins. On the contrary, they plan to launch their own currencies in the form of a stable coin.
On the other hand, they will certainly want to modify the legislation concerning them! (for example in my country, trading to stable coins is not taxable at the moment).
On the other hand, they will certainly want to modify the legislation concerning them! (for example in my country, trading to stable coins is not taxable at the moment).
They will think twice before doing that. It could be possible that they themselves are trying to find out the ways to optimise and use the stablecoins in the long term so that they can help digitalise the nation, public sectors and also decrease the burden on the current fiat system. Well, this is all my imagination but what I read in the different bills from different countries that, they are willing to adopt the crypto currencies or identify the best possible scenario where government is using the blockchain technology for developing their own currencies. If they want to make such currency then it would be most probably the stabelcoin to keep their economic cycle stable. So yeah, on the higher note, they won't be banning them real soon or may be never.
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I don't think this is ever gonna happen, we tend to credit so much power to the government as if they are God, remember that the people, I mean the citizens are the ones who make up the government, the government so to say have no power without the people, so whatever the people decides will always stand above that which those in government offices decides, cus the people are the ones who put them there.
The government have no power to destroy crypto currency stable coins except the people allow them to, one thing we should always have at the back of our minds is that they can never arrest everybody, if we all come together and say this is what we want, they will have no choice but to fall along, crypto currencies in general is here to stay, no government can destroy any part of it, be it a stable coin or coins with high instability.
The government have no power to destroy crypto currency stable coins except the people allow them to, one thing we should always have at the back of our minds is that they can never arrest everybody, if we all come together and say this is what we want, they will have no choice but to fall along, crypto currencies in general is here to stay, no government can destroy any part of it, be it a stable coin or coins with high instability.
Governments will come up with their own e-currency.
Once this happens, I question wether all other stable coins will survive.
So the easiest way to destroy current USDT-alike stable coins, is to provide a product which can compete.
Once this happens, I question wether all other stable coins will survive.
So the easiest way to destroy current USDT-alike stable coins, is to provide a product which can compete.
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