ECB President Kristin Lagarde Stablecoins will cause “Privatization of money”, the ‘good of the people of central bankers’

Stabsecoins with digital assets are generally glued to Fiat currencies, and grown in popularity. Relatively stable assets in their cryptist world attracted them to both investors and issuers. As a result, the world’s central banks were forced to fight the stablecoin.

On Tuesday, Portugal, Lagarde, Stablecoins should not be treated as money during the collection of central bankers of Sintra, he said.

“I think we have some confusion between money, payment tools and payment means, and it accelerated or highlighted as a result of technology and some technologies used.

As for Stablecoins, those who are one of the regulators and central banks are often not the state sector, but also by private companies. Among the most famous Stablecoin issuers are companies like companies Turn over and BraidThose related to boxing US $Yuan euro and Chinese.

“I accept the money as a good public and as civil servants responsible for providing and protecting this public,” he said. “My fear is likely to cause money to privatize the money I previously mentioned. I do not think that this is designated to do the work of our money, and that this is the good good for the people.”

One of the main risks is one of the central banks, the use of more investors will reduce the amount of money in traditional banks, so it will limit the efficiency of monetary policy on economy.

“I think the risks that disrupt our ability to pursue monetary policy” said Lagarde. “I think that this weakens the sovereignty of those countries, which is exposed to the use of payment tools, payment infrastructure and glass money.”

The Bank of England, Governor Andrew Bailey, said that stablecoin, which are different from other digital assets such as Bitcoin, said. This means that they are exposed to harder rules.

“They are forced to have the environment of the exchange of money, and therefore they are forced to meet the money … This is those who believe in their nominal value,” Bailey said.

Stablecoin rules in the world

Central banks to combat stablecoins, are working with MPs for a new legislative project for the property.

In the United States, the Senate passed the last month’s great movement, which provided the first adjustment base for stablecoins. He fell into water for water water for cryptist, because it was allowed by the state, especially opened the US dollar in digital currencies. Investors in South Korea flocked to Stablecoins to such a degree to such a degree Loosen the rules Investors in foreign exchange markets fled to another place to attract the country as a capital. Meanwhile, Lagarde has moved faster to apply the laws that control a digital euro, which will help the European Parliament, stablecoin.

Other central bankers in the panel with Lagarde gave the boost to adjust Stablecoins.

Bank of Korean governor Rhee Chang-Yong said stablecoins, without proper control, said that South Korea can prevent regulations regulating capital flows.

Federal Reserve Chair Jerome Powell said that stablecoins have become a fixture in the finance world. “If we will have Stablecoins, and we probably think that we move towards our existence, we must have a federal and state-level regulation framework,” he said.