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25 October 2020

Law Decoded: The rivalry between central banks and global stablecoins, Oct. 9–16

Law Decoded: The rivalry between central banks and global stablecoins, Oct. 9–16

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However, many countries have determined that Bitcoin doesn’t behave as a currency at all, or at least not a replacement for their own.

Some central banks had already begun work on their own digital currencies, but over the next year the U.S., EU, China, Japan and Great Britain — which issue the five leading currencies in the world — would all have active research into the subject of a CBDC.

The guidance comes on the heels of a drafted G7 statement that promised to block stablecoins like Libra from launching until they address all regulatory concerns.

That wealth ensures that the countries involved have a stake in maintaining existing monetary norms.

If Facebook and the Libra Association want to continue — and they seem determined to — they have a long road ahead.

Moreover, it really looks inconceivable that any Libra that boasts the global accessibility that its initial whitepaper promised has any chance whatsoever at hitting the market without being completely defanged.

It’s obviously under consideration, otherwise the bank would surely point to lack of a blockchain as a real, substantive distinction between crypto and its envisioned euro, but it’s also true that the word blockchain is still subject to a lot of the same stigma and skepticism that drew the ECB to draw distinctions with crypto in the first place.

The ruble is not the global currency that the euro is.

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