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🥊 Crypto VS Fiat currency: high technology does not bring «reliable money»⠀
🔥 The digital asset sector is still reeling from a $2 trillion loss. and the biggest corporate crime in US history, Sam Bankman-Freed's FTX crash in November. So the comments of the head of the Bank for International Settlements only added to the nervousness of the crypto market.
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In a private interview with Bloomberg TV, Agustin Carstens stated that crypto cannot be an alternative to fiat currency, as it cannot create a monetary asset that can be trusted. Last year’s cryptocurrency crash and a number of related bankruptcies undermined the claim that tokens can be relied upon as a store of value. The indicator of major crypto tokens has been lagging behind the dynamics of global stock indices for two years now.
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Carstens also spoke at the Monetary Authority of Singapore, saying that leading central bank digital currencies (CBDC) and tokenized deposits will increase the efficiency of any investment. He also proposed a model of a single blockchain within the framework of a kind of «new partnership», in which central banks control the liquidity of not only public but private stablecoins. This idea has not yet attracted much enthusiasm.
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Nevertheless, the topic of control over the crypto market is developing and a new euro-backed coin - Euro Coin (EUROC-USD) - appeared on the Coinbase exchange on Wednesday. The coin provider is USDC Circle. The token will be deployed on the Ethereum (ETH-USD) network and backed by reserves from several U.S.-regulated financial institutions, notably San Diego-based Silvergate Bank.
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It turns out that Euro Coin Circle is completely out of European control, as it is distributed and regulated by the USA. This could create a problem for the ECB's ambitions to issue its own CBDC.
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So maybe stop criticizing and get down to business?
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Profits to y’all!