Eneko Knörr said that the introduction of strict normative restrictions on Euro -stimblecoons unexpectedly increased the dominance of cryptocurrency instruments tied to the cost of the US dollar – which contrasts with the initial idea of the European authorities to strengthen the global influence of the euro.
“Today, more than 99% of the stabelcoin market is associated with the US dollar. Instead of maintaining the development of stablecoins based on the euro, and challenging this monopoly, the Mica rules introduce such strict norms that private Euro -stubblecoirs become practically non -viable, ”the businessman said.
The US dollar, supported by stabilcoins, continues to strengthen its positions in the main currency of global transactions, despite the EU’s desire to reduce its influence, Kemrr believes.
The founder of Stabolut agrees that stablecoins have become an important part of the digital economy and a popular tool that allows you to make quick and transparent transactions. However, the MICA rules indirectly contribute to the promotion of the digital currency of central banks (CBDC), suppressing the innovation of private business.
The chief economist of the European Central Bank (ECB) Philip Lane believes that Europe’s dependence on American payment companies and stabilcoins tied to the US dollar can be overcome through the development and introduction of digital euros. According to the official, the digital currency of the Central Bank is not only capable of modernizing the monetary system of the European Union, but will also ensure the financial independence of the EU in conditions of political tension.
“Europe has hopes for CBDC, despite the fact that many experts consider this approach not only erroneous, but also naive. Historically, state initiatives are largely inferior to private in flexibility and efficiency, and the CBDC itself in the euro raises questions about confidentiality and control, ”said Kronrr.
Earlier, Tether General Director Paolo Ardoino said that the Mica is a huge systemic risk not only for emivians of Euro -stimblecoons, but also for the stability of the traditional banking system as a whole.
Source: Bits
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