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Cryptocurrencies of Central Banks and Self-Regulation

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Several news from the last days speaks about the active development of the cryptocurrency financial market. The head of Dash Core Group, Ryan Taylor, said that Central Banks would inevitably introduce national coins, and in Japan, regulation of the stock exchanges was placed on the trading floors themselves.

Progress cannot be stopped

Initially, governments and Central Banks negatively reacted to the emergence of cryptocurrencies. They felt in them a threat to their powers and feared for the stability of the financial system. And now the situation has changed radically. It turned out that the blockchain is perfectly amenable to government regulation.

One of the first to decide the experiment was Japan, where Bitcoin and other cryptocurrencies were legalized. However, the rules for opening trading platforms turned out to be quite strict. Now here they have taken a new step and approved the creation of the Association of cryptocurrency exchanges. It will play the role of a supervisor and take over the following functions:

  • protection of the interests of the client;
  • development of common rules for trade;
  • preparation of the legal framework;
  • implementation of measures for the development of the crypto market.

That is, the regulator transfers part of the authority to the exchanges themselves. This will lead to clearer rules that will be adapted to the technological reality.

Central banks and national cryptocurrencies

Some experts believe that the development of digital coins is only gaining momentum. So, the head of the Dash Core Group, Ryan Taylor, is sure that in the near future, the Central Banks will begin to massively issue their own cryptocurrencies.

Life has shown the demand for such assets, and even the International Monetary Fund has recommended moving in this direction. The prototype of such coins are now stablecoins, which rate is strictly tied to fiat money. In October, the largest American platform, Coinbase, began supporting USDC from Circle.

Judging by the development of the situation, it remains not long before the release of the national cryptocurrency. While information about this is not disclosed. But it is already known that in China work is underway to create a state coin with reference to the yuan.

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