ECB President Mario Draghi believes that crypto assets have a bright future ahead as being used as a mean of payment as we are about to read more in the coming altcoin news below.
The president of the European Central Bank stated in a letter to the pro-crypto MEP that Facebook’s efforts with Libra could see enough adoption to make them a challenge to the euro or the dollar. Draghi also acknowledged the potential of the public-facing ‘’crypto-euro.’’ In the letter which was posted on Twitter by the member of the European Parliament Eva Kaili, the ECB President stated that he does not see any current crypto assets that could have real implication for the entire European financial system.
After explaining that the European System of Central Banks is closely watching the developments in the crypto-asset industry and how they can impact the monetary policy, Draghi stated:
“Thus far, stablecoins and crypto-assets have had limited implications in these areas and are not designed in ways that make them suitable substitutes for money.”
However, the current ECB president did not say that this could change. He explained that Facebook’s Libra is one of the many stablecoins that is backed by large technology companies that could have serious implications for the financial status quo of Europe. Draghi wrote that such stablecoins outline just how antiquated the current systems are. The cross-border payments, for example, are one of the areas that have many shortcomings and he also wrote that the currently explored use of the digital euro can improve these overhauling systems:
“… efforts are underway to upgrade existing payment systems and settlement services to ensure that they continue to match the needs of the markets they serve and support economic activity.”
Draghi doesn’t have much time in his position as ECB President and he will soon be replaced by the former managing director at IMF Christine Lagarde as we found out in the crypto news before. She is very receptive of the concept of digital assets but she did state that:
“I think the role of the disruptors and anything that is using distributed ledger technology, whether you call it crypto assets/currency, or whatever, and it’s far from the Bitcoins that we used to talk about a year ago, that is clearly shaking the system.”
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“A key strength of Tether is that it is underpinned by a rich diversity of different blockchains. Our latest collaboration with Algorand leverages the speed and security of Algorand’s protocol to give traders fast settlement and reduced counterparty risk in their fiat to digital asset transactions. Tether and Algorand both share a desire to keep building next-generation financial products and we feel our growing customer base will appreciate and benefit greatly from this collaboration.”Led by a Turing award winner named Silvio Micali, Algorand is a public, permissionless and proof-of-stake blockchain that is currently working on creating a borderless global economy. The inherent design and architecture is how Algorand cemented itself from the competition, easily conducting 1000 transactions per second and a block production time of 5 seconds per block. In comparison, the Ethereum latest news show that Ethereum manages less than 25 transactions per second and has a block production time of 15 seconds. All in all, Algorand is on a good way to provide a highly scalable platform for Tether to function at its maximum capacity. On the other hand, the network can leverage Tether's immense popularity to attract more users and institutions to its platform. This won't only increase the platform's usage - it will also bring in more developers and applications as well. While Algorand cements itself as a direct competitor to Ethereum, Tether (USDT) is also moving up and recently become the latest high profile project to collaborate with Algorand. The native token of Algorand, ALGO, has meanwhile been accepted on many major exchanges in the likes of Binance, CoinBasePRO, Huobi, Kraken and several others.
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“HotBTC has a dedicated focus on listing ICOs, making it a unique trading platform that will be welcomed by the crypto community all over the world. As an exchange, it also offers great features like lightning-fast trades, no hidden fees, and industry-standard security.’’Trading speeds at the newly launched HotBTC are extremely fast and the token prices get updated every 60 seconds. The users can build a new crypto portfolio with multiple layers of protection and can benefit from the account monitoring, wallet management and full authority on withdrawals and deposits. HotBTC has other amazing features such as profit sharing and has a 50 percent revenue sharing scheme on the profits with qualified users. The qualified traders can become partners and can even receive dividends in BTC. HotBTC has been launched recently and aims to fulfill the wishes and desires of the crypto community, traders, crypto project owners, ICO cryptocurrency ideas and anyone else that is interested in the great future of the cryptocurrencies.
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