Check out these consultative papers:
https://cryptobriefing.com/wp-content/uploads/2020/04/financial-stability-board-addressing-regulatory-supervisory-oversight-challenges-globals-stablecoin-arrangements-pdf.pdf
So, it seems like the FSB is covering all aspects of global stablecoins, including risks and issues around regulation and oversight. I'm still figuring it all out myself and honestly, I'm not a pro in this area. But I don't really see how this affects crypto as a whole, especially Bitcoin.
What do you guys think?
The problem that I see here is there own definition of what a stable coin is. If you look at there definition you'll see that a stable coin is considered to be a "GSC" if it has the "potential" to be mass adopted in several countries which the definition itself is pretty vague considering that this report is done by an international body part of the G20. If we look at the current situation now you will clearly see that there are no GSCs at present even though they have a potential to be one I doubt that they'll be the first ones to be mass adopted compared to Bitcoin. Basically they are worried about nothing and just adding a lot of problems to the pile of what we are facing right now, or may I am missing something here like the FSB is just actually trying to prepare for a cryptocurrency-first type of world?
The idea of global stablecoins died the second Libra published its intentions. Unless it comes direct from the heart of government or central banking such a thing will never, ever, ever be permitted to exist. End of.
There's no crypto impact.
There is no Dai ban. They won't know or care what it is. It's irrelevant. It only lives in one microscopic corner of crypto.
This is about things like Libra. That would instantly eat the world and take many currencies with it. If you were in Venezuela would you prefer the Bolivar or Libra? It's a no brainer. That's why they won't permit it.
you sure about that? the FSB report specifically names tether, USDC, and others. these represent a huge amount of bitcoin's fiat market liquidity. a ban, or banking blockade, or enforcement actions against major market players like tether---all of these could have a big impact on crypto markets.
if it wasn't for libra, regulators might not give a shit about stablecoins. unfortunately, they're interested now.
Well, here is my personal opinion. There are no propositions stated in this article so I may not be able to know if it is really just to have the GSC. Though there will be a lot of issues and concerns that must be addressed, --this Gsc may really eat other currencies but we cannot conclude if it will give us a better economy or might as well worsen the industry. The Creator of GSC perhaps has there own ideas in addressing these concerns and why they should want to have one world currency.
If you look at the document's header you'll see that this is a potential "embargo" for several developed countries. What it does if countries in the G20 will based their findings of the opinion of FSB in the article they have written out. Personally FSB created their conclusion without bias towards cryptocurrencies but basically the threat they are calling "GSC" is something nonexistent as of the moment. Right now this potential embargo they are planning is a preparation for what is it to come when a cryptocurrency plans to become a GSC, countries part of the G20 who have agreed with the embargo would essentially not accept the GSC in their country.