The Financial Stability Board and the International Monetary Fund are preparing to release a document urging worldwide cooperation on cryptocurrency policies during the upcoming G20 summit scheduled for this weekend.
The report noted that the news of SpaceX, led by Elon Musk, writing off a portion of its Bitcoin holdings in the previous quarter, played an added role in fueling the correction within the cryptocurrency markets in August.
The authorization establishes Coinbase as the pioneering crypto-centric platform to provide regulated and leveraged cryptocurrency futures in conjunction with conventional spot trading.
With a similar statement from the US Federal Reserve Chairman Jerome Powell, who said that cryptocurrency poses risks to financial stability and India’s HDFC bank (with assets worth $220B under management) calling crypto a fad, the general position of both central banks and private lenders on crypto is becoming clear.
This attention and recognition of cryptocurrency from national governments could be a sign that it is going to hang around for a bit. Now let’s consider reasons why cryptocurrency does not seem to have a bright future. 1. Improvement in traditional institutions.
Cryptocurrency Will Replace National Currencies by 2030. “Cryptocurrency is very much here to stay,” said futurist and author Thomas Frey, noting that he’s speaking to the Federal Reserve in September on the topic. He predicts that “cryptocurrencies are going to displace roughly 25% of national currencies by 2030.
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