FSB Wants To Save You From Stablecoins!
The Financial Stability Board (FSB) on April 14 released a proposal to regulate stablecoins. In this proposal they specify that their concerns are focused on "global stablecoins" which they refer to as GSCs. They explain several reasonable concerns about asset-backed stablecoins that are backed by a fiat currency, a basket of currencies or other assets. GSCs could be risky, it does sound reasonable.
These concerns are legitimate, if a company or companies are holding an asset, say gold, they might run into destabilizing issues such as too many people wanting their gold at the same time. What does that remind you of? It reminds me of fiat currencies that once claimed to be backed by gold, such as USD once did. It also reminds me of the factional lending, which would be illegal for you or me, but is interestingly a-okay for banks.
The FSB Wants To Protect Your Wealth!
The Financial Stability Board was quite clear that their concerns regarding stablecoins are all about protecting your wealth. They fear the financial system could be irrevocably screwed by these international entities housing the assets securing GSCs. That is fair.
So, obviously, central banks should handle this kind of dangerous stuff, because we all know they don't risk the financial system and our wealth with multi-trillion dollar stimulus packages for CEOs and irresponsible corporations that repeat their mistakes. And we know how skilled central banks are at preventing economic disasters. Its just the natural choice.
Stablecoins Could Hurt Your Economy!
It is truly a valid concern that in trying times, when the regional government is working to stabilize your economy, the citizens might choose to use a global stablecoin as a means of payment and store of value instead of the local currency. Clearly, the naughty citizens need to not have this option! It is wholly inappropriate for people to have the freedom and liberty to choose what they will use as a means of exchange. That would simply be ridiculous, we can't have that!
No, a much better thing is for everyone to be forced against their will to use the same shitty currency, such as the Venezuelan that erodes in value year after year as central banks inflate the ever-living fuck out of it. after all, that is the only logical conclusion we could ever arrive at.
Central Banks Know Best
We need to respect the position of the central banks, after all, they know best. Ignore what people in the old folks home say about soda pop going for cents while it costs us dollars now, our fiat currencies are the best store of value assets! We know this because the central banks think so. They're smart people with lots of fancy abbreviations after their names.
And they only want what is best for us, its not about controlling us. After all, they are totally cool with Bitcoin, Ethereum and any other cryptocurrency that is not a stablecoin. Right? Actually, now that I think about it, something seemed odd to me... When I read the document of exhausting gibberish one thing really stood out: "other crypto assets that could pose risks similar to some of those posed by GSCs because of comparable international reach, scale and use"
Wait, what? Are they saying that ANY cryptocurrency that achieves "international reach, scale and use" in any significant way could be deemed a risk that needs to be controlled or banned? Well, that changes everything! Ladies and gentlemen, that's the old guard trying to stomp out competition. In fact, they even use the word competition in reference to the risk they deem GSCs to be.
What does this tell us? Central banks have got to go. They are a threat to the future of human liberty, and you can vote them out. Please, refuse to use local currencies and demand that your local grocery stores, your online shops, your restaurants, your barbershops and every other business begin accepting cryptocurrency. Don't just speculate on cryptocurrencies, use them, the future depends on it.
Not financial advice, do your own research damn it!