Monday, September 28, 2020
No menu items!
  • News
  • Bitcoin
  • XRP News
  • Contact Us
More

    How the Recommended Regulation of Stablecoins Could Favor Bitcoin (BTC) and XRP

    Must Read

    KuCoin Hack: There Was Nearly $280 Million in Various Crypto Assets Stolen

    According to the director of research at The Block, Larry Cermak, there was nearly $280 million in various crypto...

    How Man Recovered All His Stolen XRP after Months of Getting Hacked Through Ledger Nano X

    In the cryptocurrency ecosystem, there have been perpetration of hackers, where thousands and millions of dollars were being stolen....

    Cardano (ADA) Is Up and Running Again On Bittrex Exchange

    According to a recent update, Cardano (ADA), the ninth-largest digital currency by market capitalization, is up and running again...
    Avatar
    Solomon Odunayo
    Solomon has a growing passion for writing, this propelled him to keenly work on Eagles News Media for about two years before delving into the cryptocurrency and Blockchain industry he finds more interesting. He worked as a crypto Journalist and Editor at NewsLogical before joining Herald Sheets, owing to the priceless experience he has accumulated since he became a contributor in the crypto community.




    We look into how the proposed regulation of stablecoins could favor Bitcoin (BTC) and Ripple’s XRP, as Central Banks received recommendations to regulate, or better still, ban stablecoins.

    The recommendations were outlined by the Financial Stability Board (FSB). This agency is authorized to make recommendations about financial systems to Central Banks and finance ministers of G20 member nations.

    FSB recommended that fiat pegged digital currencies should be scrutinized thoroughly, proposing regulations that could end in a total ban of stablecoins, such as Tether (USDT).

    The Financial Stability Board (FSB) noted;

    “Authorities should have the ability to mitigate risks associated with or prohibit the use of certain or specific stablecoins in their jurisdictions where these do not meet the applicable regulatory, supervisory, and oversight requirements.”

    Stablecoins have been helpful tools for cryptocurrency traders to save their holdings whenever market is displaying its usual high volatility. So, this move to heavily scrutinize stablecoins cannot be generally welcomed by the crypto enthusiasts, due to the aforementioned circumstance, but could be beneficial to Bitcoin (BTC) and XRP holders.

    Debate on Which Asset Would Mostly Gain from $8B of Stablecoins’ Market Cap

    A popular and top cryptocurrency analyst, Mati Greenspan initiated this debate on Twitter about 2 days ago. He hinted that relatively $8 billion is invested in stablecoins.

    Considering the threat of banning stablecoins, it’s certain that many crypto holders that have invested in stablecoins of any kind would want to cash out. Greenspan then asked where the value will go.

    He asked, “More than $8 billion now being stored in so called stable coins. If those start to get regulated, where do you think that value will go?”

    As expected, this question attracted many reactions from the cryptocurrency community members. Several people were of the opinion that Bitcoin (BTC) could simply become the investors’ choice.

    Another set of commenters averred that Ripple’s digital token XRP would as well be the choice of some of the investors.

    “BTC for deep long term storage, XRP for working capital. forgive the contradiction in terms but BTC will be the new gold and XRP will be the new FIAT.”




    LEAVE A REPLY

    Please enter your comment!
    Please enter your name here

    Latest News

    KuCoin Hack: There Was Nearly $280 Million in Various Crypto Assets Stolen

    According to the director of research at The Block, Larry Cermak, there was nearly $280 million in various crypto...

    How Man Recovered All His Stolen XRP after Months of Getting Hacked Through Ledger Nano X

    In the cryptocurrency ecosystem, there have been perpetration of hackers, where thousands and millions of dollars were being stolen. Little or none of those...

    Cardano (ADA) Is Up and Running Again On Bittrex Exchange

    According to a recent update, Cardano (ADA), the ninth-largest digital currency by market capitalization, is up and running again on the cryptocurrency exchange, Bittrex. In...

    World Economic Forum: XRP Is The Most Relevant Digital Asset For Wholesale CBDC

    The World Economic Forum (WEF) has characterized the fourth largest digital currency by market capitalization, XRP, has the most relevant crypto asset for wholesale...

    Cardano (ADA), Tezos (XTZ) Are Technologically Superior to Bitcoin and XRP –Weiss Ratings

    Weiss Crypto Ratings, the provider of independent ratings of digital currencies, has recently stated that Cardano (ADA), Tezos (XTZ), and ten other digital assets...

    More Articles Like This