Calls For Swift Crypto Adoption
Crypto Currency is at the forefront of every discussion around the world at the moment with Bitcoin finding itself at the centre of many talking points amongst world leaders. There probably hasn't been such a hot ticket item across everyone's tables as we are seeing today with the roll out of Blockchain technology regardless of if it is for Decentralised Finance (De-Fi) or not.
One thing is coming out loud and clear people want to be able to buy into Crypto currencies and cast their bets on the financial digital future that is on the horizon. Given that the world will require a new modern digital payments system it appears governments around the world are teaming up to see this roll out and they want it now.
CBDC's continue to be a focal point on everyone's radar with UK regulators predicting that one CBDC will be the global digital currency for all trades regardless of what currency it is pegged to.
With the recent entrance of PayPal's digital US Dollar it is in the prime position to take hold of this market as it has the ability to implement it along side online payments systems as PayPal is already globally accessibly and accepted around the world.
G20 Support for Crypto
The world's top 20 economies recently met at the G20 Summit and once again Digital Assets were a talking point although this time a lot less negative with governments agreeing that Crypto Currency was here to stay and taking a more smoother approach.
Previous meetings brought about calls for the banning of digital currencies and the unfounded points that Bitcoin could destabilise the financial sector. Now that the world hasn't fallen over we are seeing the approach change and a lot more people investing in the digital asset.
G20 Leaders are now calling for the swift implementation of crypto currency around the world putting pressure on banks and regulators to crack on with the job.
Nations Commit Resources to CBDCs
The G20 committed to supporting the digital financial boom to ensure that all citizens could participate equally and not be left behind. They commit to deploy resources to CBDC's what that means just yet is still unclear but chances are they will be looking to back pegged stable coins through banks to uphold their value.
While Governments can't back basic crypto currencies due to the volatility they can get behind pegged stable coins by issuing mechanisms that ensures that they remain pegged 1:1.
We saw the trauma unleashed by Terra Luna so chances are Governments don't want a repeat especially if people are going to be utilising digital currencies to undertake instant cross boarder payments which is what the G20 is looking at supporting.
This meeting seemed to be a step in the right direction in relation to decentralised finance and Blockchain technology in comparison to previous years meeting but we will need to continue to watch what occurs more closely over the coming months.
Plan for 2024
Now is the time to put in a plan for 2024 as it looks like there is going to be some quick wins for De-Fi towards the end of the year. Although we still have the issue of FTX wanting to sell off USD100 Million per week which has hit a bit of a road block for the company.
US Trustee has objected to the sale seeking that any sales of Bitcoin or Ethereum are to be flagged as far and as widely as possible to forewarn the market. A move FTX is strongly against as it wants to capitalise on the high end market value of those tokens.
Forewarning of sales would stagnate markets and cause people to empty bags reducing FTX gains but the U.S Trustee wants action. Although the flagging applies to Bitcoin and Ethereum it won't apply to other holdings such as Solana which should be watched closely as FTX does intend to dump their bags of Solana and other Alt Coins.
While Bitcoin and Ethereum seem spared, we could be in for another Alt Coin drop by Christmas time.
What are your thoughts on the move? should FTX dump all their bags in one hit and get it over and done with so we can move on or do you support the slow and steady dumping of bags on the community?
image sources provided supplemented by Canva Pro Subscription. This is not financial advice and readers are advised to undertake their own research or seek professional financial services.
Something to keep in mind: be careful what you wish for because you just might get it.
Swift adoption can be good but it can also be a disaster.
It can be but what are we waiting for in relation to the acceptance of digital currency. It can happen tomorrow
Interesting read, well,I believe FTX dumping their bags might have a negative effect on the community but again don't you think a calm approach can also give the Market some time to adjust?
Thats true but currently it is just lagging and stalling.
!pizza
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