The European Central Bank (ECB) has said that stablecoin is more promising than Bitcoin. The ECB policymaker revealed that fiat-pegged crypto will have a place in the legacy financial structure
Fiat-pegged crypto is preferred
Francois Villeroy de Galhau of ECB believes that fiat-pegged crypto will have more utility within the mainstream finance structure. According to Villeroy, the Bank of France is taking note of ideas in the private sector which is focused at building networks within which ‘stable coins’ would be utilized in transactions that involves ‘tokenized’ goods, securities and services.
Central bankers prefer stablecoins
Villeroy’s statement is not surprising as bankers have shown their hatred for Bitcoin and how it can destroy their stranglehold on finance globally.
Mario Draghi, ECB president described Bitcoin as an asset, in his response to the questions asked during the ECB Youth Dialogue on May 8, 2019. According to him, a euro is always a euro no matter what and the ECB is behind euro.
Draghi did not mention that questionable fiscal and monetary policies often have a negative influence on fiat currency’s purchasing power.
The United States Federal Reserve reported 180 under duress from the White House to take up a more amiable stance. Commentators opined that negative interest and quantitative easing will lead to another collapse of the mainstream market.
$2,000 increase in less than a week
While there is no certainty in the mainstream market, Bitcoin keeps rising, with over $2000 increase in price value in less than seven days. Since 2019 began, BTC has increased more than 120 percent.
This recent illustrative increase has concurred with renewed institutional interests from investment firms and brokerage giants. E-trade, TD Ameritrade and Fidelity investments have plans to launch BTC trading for institutional clients
On Monday, Bakkt declared that it would start its BTC futures contract in the summer. According to the company, it is close to acquiring a go-ahead from the U.S Commodity Futures Trading Commission (CFTC).
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