Stablecoins Ban? Can It Happen?
Stablecoins!
Stability! Humans love stability! Stability in life, stability in income, stability in their relationships... stability, a trader's worst nightmare is also what a lot of people like! And it seems stability in crypto is also what a lot of people want. Stablecoins...
People really like stablecoins in crypto, USDT is one of the highest volume coins inside the ecosystem. They aren't my thing, I like volatility, but I can see the attractiveness. Having a place to store our value that looks "Stable" is attractive... but it seems that maybe this might be coming to an end!
Some Central Banks and some financial institutions are recommending stablecoins to be banned worldwide to prevent money laundering, drug trafficking, terrorism financing, the "excuses" list goes on and on...
All the usual stuff that they say when they are afraid to lose power because of new disruptive tech, or social movement, and they need the support of the population to go against that same tech or movement... they need the population to start the witch hunt!
Unfortunately for them, it's probably very very hard to ban stablecoins...
This whole ecosystem that we are building in crypto is a worldwide movement, a social movement, people are waking up to the reality that central banks worldwide can print as much money as they want, they can just steal all the value by printing new coins! Fake Inflate it until you make it!
Since this crypto ecosystem is a worldwide decentralized movement, it would require a consensus by all the governments of the whole world to ban stablecoins, and it would require a huge amount of money spent on going after each node hodler, each miner, each developer, it would be near impossible! These peer to peer networks are very resilient! Just check the peer to peer network of torrents!
Governments have been trying to ban torrents for... well, most of my life, so far they have had no success in banning them! They push, and developers improve the protocol. They push, and people start using Proxies and Tor. They push, and everything gets more encrypted and more decentralized.
This is what will probably happen with stablecoins! Stablecoins will become more and more decentralized, stablecoins will become more and more "robotic" with less human interference/governance, the blockchains that the stablecoins stand on will also become more decentralized to prevent an attack by an outside force.
And a world-wide government consensus to ban them? I laugh even thinking about this... Governments can't agree on anything! They can't even agree inside the same government! How will they ever be able to agree between different countries and cultures?
Many governments won't want to ban stablecoins, coins like DAI! Mainly because many lost the first race to become the world's currency... The USD won that one. But now, with this new crypto economy developing, they have a new chance! A chance to do what they weren't able to do. And even more important, a chance to make the USA lose some of its authoritarian power over other countries.
Of course, in the end, this is just speculation, we don't know what will happen, we don't even know if they will really try to ban stablecoins, at the moment it's just "recommendations"! But if they do, they are probably going to have the fight of their lives just trying!
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