Tuur Demeester, Founding Partner of Adamant Capital, published a Twitter video of the President of the European Central Bank (ECB) Christine Lagarde speaking publicly on the demand for stablecoins.
Entering the Business
Mr. Demeester, a Bitcoin (BTC) advocate who is well-known for his "Bitcoin Reformation" theory, commented on the words of Christine Lagarde about cryptocurrencies:
Looks like the ECB will be entering the stablecoin business
Morning Crypto Report: Dogecoin to the Moon? $1.10 DOGE Price Scenario Revealed, Solana Phone Coin Explodes 400%, $1.37 Billion in XRP Risk Flooding MarketTurkish Banking Giant Extends Ripple PartnershipU.Today Crypto Review: XRP Prints Double Bottom, Shiba Inu (SHIB) Uptrend Available, Bitcoin (BTC) 'Now or Never' Price MomentU.Today Crypto Digest: Ripple Snatches Major Partnership in $5 Trillion Pool, XRP Defies Death Sentence, Shiba Inu Avoids BTC Selling Pressure
Thus, Mr. Demeester treated Ms. Lagarde's speech as a sign of political will by the ECB to implement stablecoins into EU monetary policy.
However, the attention of his audience was drawn to another regulatory statement. While answering a journalist's question, Ms. Lagarde says that the ECB "only knows of one" stablecoin at the moment. This left commentators and the audience guessing, and whether she was referring to USDT, Facebook's Libra, or the Central Bank Digital Currency (CBDC), the much-anticipated European state-backed stablecoin known.
Bitcoin Doesn't Have to Ask for Permission
Christine Lagarde also spoke on developments in the "Bitcoin segment" with a suggestion of skepticism in her voice. This has not gone unnoticed. Anthony "Pomp" Pompiliano, Co-Founder and Partner at Morgan Creek Digital Assets, commented on the evaluation by the ECB President:
Bitcoin didn’t need permission to innovate.
— Pomp ? (@APompliano) December 13, 2019
No amount of committees, press conferences, or business plans are going to help those that are set to be disrupted. pic.twitter.com/q7CS90xiVE
It should be noted that on December 12, 2019, the President of the ECB Christine Lagarde presented a new monetary policy for the EU. During her debut press conference, Ms. Lagarde said that in the stablecoins sphere, central banks better be in a position that was 'ahead of the curve'.
It should also be noted that billionaire investor Ray Dalio recently said that there will be much greater demand for stablecoins than Bitcoin.
When will we see first European state-backed stablecoin? Share your thoughts with us on Twitter!
Alex Dovbnya
Caroline Amosun
Denys Serhiichuk
Gamza Khanzadaev