The Crypto Euro (stablecoin or not?)
A recent interview on the Dutch ‘Betrouwbare Bronnen’ (Reliable Sources) podcast with a member of parlement of the VVD fraction brought us some crypto news.
The People's Party for Freedom and Democracy (VVD) is a conservative-liberal political party in the Netherlands and is a member of the Alliance of Liberals and Democrats for Europe (ALDE).
In this interview VVD member ‘Malik Azmani’ could not give a good answer about the so called Crypto Euro which is mentioned in the VVD’s election program.
He literally answered ‘It is in the election program that one wants this', and on the why-question he replied in the reliable sources podcast: 'You have to ask the election committee'
And asking the Election Commitee about the Crypto Euro, is what the people from ‘Das Kapital’ magazine did.
VVD thinks the technology behind the crypto coins is promising, and wants to give the people a safe opportunity to ‘smell’ this technology.
The crypto-euro then becomes an addition to the euro, in which the VVD still has a lot of confidence. Because they think private crypto coins such as bitcoin are still far too volatile, the ECB is going to issue such a crypto-euro. In this way, the ECB can then determine the total amount of crypto-euros, just like the total amount of euros.
Is that a 100% safe like a savings account with a central bank? No, says the VVD, the ECB publishes them and those crypto-euros can then be charged to private banks.
In other words, the VVD election commitee has no idea what crypto really is, and what is ‘going on’ in the crypto community, but (as the opportunist leeches they are) they want to ride the blockchain wave, with a centralized coin, issued by the European Central Bank.
There’s also no mention if this crypto euro will be a stablecoin (alongside the euro) or not, logically you would think so, because then, this could be the alternative to #tether that people are longing for, a crypto backed by the ecb. True Crypto Anarchist would hate for this to happen, and will evade this crypto euro like the plague. Because of many, many reasons.
This crypto euro will then fall in the CB digital tokens (general purpose) category, according to the bank of international settlements.
Links,
Podcast
https://art19.com/shows/betrouwbare-bronnen/episodes/4e522185-a710-48f9-8f14-0bc8028ad205
Article
https://www.daskapital.nl/5152299/eindelijk-dit-wil-de-vvd-met-de-crypto-euro/
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I think, not stable
You do not think this crypto euro would be in syncopation with the Euro itself?
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Crypto EUR (stablecoin) blocked by the European Central Bank
No, apperantly not ... this initiative is coming from VVd/Alde EU fraction.
It's government/EU "issued" So it's not that different from fiat or Tether. bitUSD is a much better alternative. The best stable coin project I've seen is Carbon which is running on Hashgraph. they are a great project. Check it out.
As far as i know, there will be not much difference with the Euro
I think it is a great idea to promote the use of stable coins outside the dollar domain. It is a good practice for diversification and a lot easier to convert if you are in another country. Thanx for the info, very useful.
"In this interview VVD member ‘Malik Azmani’ could not give a good answer about the so called Crypto Euro which is mentioned in the VVD’s election program"
This is a problem with politics in general. The people with the least amount of knowledge on any particular subject are the ones making the rules and laws to govern said subject.
I remember politicians suggesting that crypto currencies were dangerous because criminals could use it anonymously. They totally ignored the fact that nearly 100% of the worlds illicit drug and weapon deals were paid for in cash of some kind. Dollars anyone? Bearer Bonds? How about Krugerrands? Euros?
I'd prefer to see a crypto currency pegged to Gold rather than central Bank issued fiat of any kind.
Don’t get me wrong onnovocks, personally i am really not happy with this. I think crypto should stay away from any kind of regulation, especially from institutions like the EU.
And you are right, most of the time, politicians they do not know what they are talking about, they are just the talking heads for the lobbyists and the other people that rule, but stay in the shadows on the sidelines.