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The pros and cons of digital money after the US Senate

The COVID-19 pandemic will surely accelerate the digitization of economies around the world, discussing the future of digital financial services and whether the economy should advocate for financial inclusion of Bitcoin (BTC) and other digital assets. opened.

However, despite the fear of seeing our industry continue to suffer, the digital payments industry is expected to thrive based on recently reported data from the Consumer Confidence Index. Consumer confidence data revealed that it reached a high for the first time in 3 months last month, rising 12.1 from 85.9 in May to 98.1 in June.

Last month, a committee on banking, housing, and urban affairs in the US Senate held a virtual meeting, called “The Digitization of Money and Payments,” which focused primarily on stable coins and our economy on the US Central Bank’s digital. We talked about whether the currency is ready.

If you missed it, all of these would be two points and Senator Mike Clapo, a Republican in Idaho, explained that our financial sector needed road rules, and Ohio Democrats One Senator Sherod Brown asked: Why do we trust Big Tech in the banking system?

Road rules

When it came to the need for a digital dollar, I deepened my belief that decentralized finance emphasizes only the need for CBDCs, and examined several points of debate throughout the hearing.

Digital dollars for beginners are electronic credits that only exist on computers, but like traditional physical statutory dollars, consumers and businesses can use them to pay each other.

The opening statement of the Juneaus hearing began with Senator Klapo inviting witnesses to call on why the CBDC is more needed than ever.

In short, he wanted the next answer.

Initiatives by Different Groups to Develop Digital Money and Payments Design, Operations, and Risk Considerations in Development A specific set of specific issues that the CBDC should address, that are currently uncompleted or already completed. There are ongoing issues that payment innovation cannot address. What should the road rules be?

But Senator Brown was skeptical of outsourcing the management of our financial system to a large technology company, even in the world of digital technology. Senator Brown acknowledged the digital advances, acknowledged concerns about providing consumer access and equal access to financial services, and strengthened support for the proposed unique bill, the Banking for All Act.

According to Sen. Brown, this alternative would allow all Americans to open a Zero Federal Bank account at the US post office, bank, or online and connect directly to the Federal Reserve. He said:

Banking for All means no check cashing fees or payments to use the money you’ve already earned. [and] You no longer have to wait to spend the money paid Friday until Wednesday.

Brown added that more familiar technologies like digital dollars could be valuable tools.

What you can learn from the international market

Compared to other countries, the country’s economy has one of the highest penetration rates for digital payment systems, but, for example, China seems to be leading the legalization of digital money and cryptocurrencies in that economy.

After the 13th National Congress and the People’s Political Advisory Council of China have passed a new civil law designed to protect the civil rights of inheritance, marriage, property, personality, contracts and infringement, You can’t question.

The new succession law, which came into effect on January 1, 2021, not only identifies Bitcoin as one inheritable asset, but also allows Chinese citizens to pass cryptocurrencies and other digital assets to their heirs. I will.

The government has also unveiled digital coins to challenge the digital services of Alibaba Group and Tencent Holdings. The reason is that it will enable better control of the financial system, which is currently impossible in the RMB. Large-scale implementation of coins will start in 2022.

By comparison, the complexity of the European Union economy and its legislative process tends to impede the deployment of any common law and move China one step further. To address and minimize the possibility of overlooking potential opportunities, many Member States have already begun to develop CBDCs individually.

Back in June, the Italian Banking Association revealed the ABI. Willing to support and pilot the implementation of digital currencies from the European Central Bank. On June 18, the ABI website shared the approval of guidelines defining its position on digital currencies and CBDCs.

For Member States such as Germany, Spain and France, who are also members of the Financial Stability Board, we have appointed regulators to oversee the cryptocurrency market in their respective regions. The board is an international body of financial institutions such as central banks and regulatory authorities that issue regulatory recommendations.

However, there are gaps that can be filled here as well. If the EU can follow the footsteps of China, there is still room for coherent legislation governing the region to help reduce this regulatory uncertainty. The UK appears to have a measured approach when compared to the same country in the region. Although there are no laws governing cryptocurrencies, Her Majesty’s Customs has published guidelines on tax treatment of cryptocurrencies.

As a recent development, a member of the European Commission, Valdis Dombrovsky, has proposed the use of digital finance by European countries.

What’s next? DeFi bubble is certainly growing

At present, the state of our financial industry seems to remain in this hesitation to realize the first mover’s dominance by regulators. Nobody wants to launch CBDC first and face the mistake. It is the same as our court system that tries to award a particular case for fear of being tried to make something that could be a groundbreaking decision wrong.

But it is the fears of the regulators themselves that prevent the financial sector and the digital money landscape from realizing their true potential. As Ive said before, digital money and blockchain space will remain very fragmented unless clear guidelines and educational resources are available, so authorities from different economies will be Continue to say that you can make the most appropriate decisions in advance.

Recent developments seem to favor the acceptance of digital assets, and large companies like Facebook have shown great interest in entering the market with the Libra project. And yes, Libra has a long way to go before it is considered a digital currency. Nonetheless, it’s encouraging to see things like China and the United States creating headwinds that encourage other countries to follow.

But what’s the most exciting thing about Defi Space? In my opinion, the fact that the DeFi interface remained strong throughout March and failed to resolve the issue without the need for federal intervention has helped to increase acceptance.

Surprisingly, this financial environment has flourished since the momentary crash recorded during the peak of the COVID-19 pandemic. According to a new report from Dune Analytics, the total number of users using some form of DeFi protocol has increased by 140% since the beginning of the year. Fortunately, the surge in usage has led to increased value.

The total amount of capital trapped in DeFi’s vision doubled to $2 billion in three weeks. This growth pattern is even more striking given that fewer than five DeFi platforms make up a large portion of the market share.

Until recently, MakerDAO was a child of the DeFi Landscape poster that was taken to a leap by Compound, thanks to the unprecedented impact of its governance token release.

Both DeFi ecosystems now account for more than 60% of the value of locked assets in the Defi market and are therefore the main drivers of Defi Narrative. Kava, a cross-chain DeFi platform, was launched to challenge Compound, Maker and more. Its recently proposed blockchain model like Uber is highly recommended to get used to yourself.

Undoubtedly, market share is concentrated on a small number of platforms, highlighting the early landscape and growth potential that could shed more light on more projects and tokens.

Another token-based DeFi ecosystem positioned to take advantage of this growth trend is Level 01. The lending niche is still the most compelling use case for DeFi technology, but Level01 has introduced its token as a viable decentralized financial tool prepared for mainstream success.

The Peer-to-Peer Derivatives Trading Platform exposes traders to a wide range of markets such as Forex, Gold, Oil, Stocks and Cryptocurrencies by providing a transparent trading infrastructure with advanced risk/reward features.

However, regardless of Defi’s hype and the promising stints of the selected tokens, the biggest obstacles for players taking sidelines are price volatility, concerns about market manipulation, and fundamentals for measuring appropriate values. Is the lack of. These concerns may be mitigated if a larger institution begins to show interest and regards it as a normal form of investment.

The views, thoughts and opinions expressed herein are the author’s only and do not necessarily reflect or represent the views and opinions of Cointelegraph.

Andrew Rossow is a speaker on millennial lawyers, law professors, entrepreneurs, writers, privacy, cybersecurity, AI, AR/VR, blockchain and digital currencies. He has contributed to many outlets and contributed to cybersecurity and technology publishing. Taking full advantage of his millennial background, Rossow provides a comprehensive view of social media crime, technology and privacy implications.

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