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G20 calls stablecoins a systemic risk – Disaster for Bitcoin and crypto?

G20 calls stablecoins a systemic risk - Disaster for Bitcoin and crypto?

G20 Bitcoin

Source: KrzysztofG – Shutetrstock

  • The G20 Financial Stability Board (FSB) has published a study on stablecoins, according to which they have the potential to be a threat to the global financial system.
  • A ban on stablecoins could have significant consequences for the Bitcoin and the entire markets, given their importance in the crypto ecosystem.

The G20 Financial Stability Board (FSB) has published a study on the challenges that Stablecoins pose for the global economy. The study focuses on regulation and supervision and presents recommendations that financial authorities may need to implement to respond to “a potential threat”. Among the recommendations is the need for cross-border “multilateral action”. The study could be the beginning of a trend with disastrous results for Bitcoin, Ethereum and the major cryptocurrencies.

The FSB is a body that coordinates the activities of authorities and financial institutions around the world, and one of its main objectives is to monitor systemic risk. A major part of its funding comes from the Bank for International Settlements, also known as the Central Bank of Central Banks. Its members include representatives of finance ministries and central banks from all G20 member countries and from international organizations such as the IMF, the BIS, the ECB, the World Bank and the European Commission.

The FSB defines a stablecoin in the report as a crypto-asset that maintains a stable value in relation to a particular asset or pool of assets:

In turn, the value of these assets typically determines or affects the market value of a stablecoin. A stablecoin may also employ algorithmic or other means to stabilise or impact its market value by, for example, automatically adjusting its supply in response to changes in demand.

The study recognizes that stablecoins have great potential to contribute to the development of the global payment system. A stablecoin, such as Facebook’s Libra, could give users around the world greater freedom for low-cost transactions and give millions of people without a bank account access to the international financial system.

However, the study also states that these benefits make stablecoins potentially risky for the financial system and the global economy. The FSB includes among the risks the “substitution of domestic currencies”. Furthermore, it recognizes over 10 threats in different areas ranging from investor protection, financial stability, cyber security, and market integrity, among others.

However, the study also clarifies that, at the moment, there is no stablecoin with the characteristics or capacity to be a threat, but any project in development only needs to have a broad customer base to be a threat, as the FSB explains:

The use of stablecoins as a means of payment or a store of value might significantly increase in the future, possibly across multiple jurisdictions. In addition, the different activities within a stablecoin arrangement, in particular those related to managing the reserve assets, may considerably increase linkages to the existing financial system.

At the macro level, stablecoins could be a threat, the study says, if the number of users adopting them grows and a country depends on this type of assets:

During periods of stress, households in some countries might come to regard [stablecoins]as a safe store of value over existing fiat currencies and exacerbate destabilizing capital flows. Volatile capital flows can have a destabilizing effect on exchange rates and on domestic bank funding and intermediation.

To respond to the potential threat of a stablecoin, the FSB also suggests to authorities that, if they can’t control and regulate fully decentralized stablecoins, they should consider banning them. But at first, they propose to create an increased interagency cooperation for law enforcement. In this area, “sensitive information” may be exchanged between partner agencies. Both measures could affect not only stablecoins, but also Bitcoin and the rest of the crypto market due to its high dependence on stablecoins if implemented.

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Last Updated on 14 April, 2020


Author: Reynaldo

What is the best cryptocurrency exchange in 2020?

What is the best cryptocurrency exchange in 2020?

Competition is one of the main elements of the cryptocurrency world. Given that its center is a fully deregulated market, which is normal, we can invest in our preferred cryptocurrencies. In order to participate without wasting our savings, we therefore need a trustworthy exchange that we can work on. Why should we talk about the best cryptocurrency exchange in the world today: Binance.

The best exchange to invest in Bitcoin

Exchange world

Platforms or exchanges for the exchange of cryptocurrencies are one of the cornerstones of the cryptocurrency world. The fact is that over time they have become the meeting point and interaction between different blockchains. By communicating multiple cryptocurrencies in the same market at the same time.

Therefore, the most diverse tokens in the world can be traded with each other, which defines their value and thus the value of the blockchain projects that they represent on the market. Ultimately, this is a means by which all cryptocurrencies [regardless of their value or source] can reach users in the cryptocurrency world.

This does not include the role of exchange for cryptocurrency traders. For those who need to work with cryptocurrency assets, a secure, fast, and easy-to-use platform is needed. You can use them to execute purchase and sales orders and thus generate profits.

Binance adds more fiat currencies to buy cryptocurrencies

In this case there is a currency exchange that is better than all other exchanges. That's why we ranked it as the best cryptocurrency exchange in the world in the cryptocurrency trend. Of course, we are referring to Binance, a stock exchange founded by Changchang Peng Zhao in China, but which has successfully conquered the western market.

This is due to the excellent functions of the platform. Given the lack of regulations affecting the cryptocurrency market, Binance will start with the security that is provided to users to ensure maximum protection against cyberattacks.

To this end, a simple and intuitive user interface is added that allows anyone with the least understanding of how the cryptocurrency market works to use the exchange.

It also highlights the speed at which operations are performed so users can take advantage of the ability to appear in the cryptocurrency market in milliseconds. Of course there are different financial products.

Nevertheless, Binance enables its users to work with hundreds of different cryptocurrencies on its platform. Maximize the interaction between tokens and the number of investment strategies that traders can implement.

This does not mention its own platform for the sale of futures contracts on Bitcoin, Binance Futures. The fastest growing stock exchange for Bitcoin derivatives in recent months.

With all these functions, Binance was able to stand out from the competition. Offer high quality services and the user experience will be smooth from the day you register on the website. And master all the tools to make a profit.

So we assigned it to the name of the best cryptocurrency exchange in the cryptocurrency trend, which makes no sense.

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Information source: compiled from 0x information from CRYPTOTENDENCIA. The copyright lies with the author and may not be reproduced without permission

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What is the best cryptocurrency exchange in 2020?

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