eCurrency CEO Jonathan Dharmapalan believes that the collapse of the Terra ecosystem and the UST stablecoin could push central banks to accelerate the launch of their own digital currencies.
Recall that last week the entire cryptocurrency community watched the collapse of Terra – the LUNA coin rate dropped to almost zero, and the UST stablecoin got rid of the dollar rate and is trading at $0.12 at the time of publication. By opinion Jonathan Dharmapalan, CEO of eCurrency, which provides technology for central banks to issue CBDCs, these developments could accelerate the issuance of government cryptocurrencies.
“There is a demand for digital money, whether that money is in the form of stablecoins or in the form of a government-issued instrument. Accelerating our efforts to create and secure a truly stable digital US dollar… This issue needs to be discussed. There was a lot of talk about regulating stablecoins, but we never came up with a bill. It is necessary to decide who will regulate stable cryptocurrencies. Will it be the people who regulate banks or the people who regulate securities? There is some controversy over this,” Dharmapalan said.
According to a study by the Bank for International Settlements (BIS), at the moment, about 90% of the Central Banks of various countries of the world are studying or working on government cryptocurrencies.
Source: Bits
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