The head of the Central Bank of Austria is pushing the development of crypto technologies in the pri
Many countries and markets are gradually using the possibilities of cryptocurrency and blockchain. Unfortunately, the recent crypto winter seems to have affected the speed at which these technologies have evolved. But there is still hope that things will get better after the storm.
Fortunately, there were many signs that the crypto industry was not dead yet. Many crypto firms continue to reveal innovations and plans for the future. In addition, many other leading players in the financial sector also offer ideas to improve the situation.
Recently, the governor of the central bank of Australia strongly suggested moving the crypto industry forward. In fact, Lowe attended the G20 finance meeting on July 17 in Indonesia among other officials from various countries. The topic of discussion at the forum was how stablecoins and DeFi affect global financial systems.
At the meeting, Philip Lowe expressed his opinion on supporting the development of crypto technologies in the private sector. According to him, it will be better for the industry if the private sector takes up such developments. In addition, Lowe stated that if these developments are supported by strict rules, the terrible risks associated with cryptocurrency will be minimized.
Strict Rules Can Reduce the Risks Associated with cryptography
Philip Lowe's position on the crypto industry is that it is risky for many reasons. But he believes that if the state supports the sector or if there is strict regulation controlling operations, these risks will become minimal.
Everyone knows that the risks in the industry are huge. For example, stablecoins that exist on the market can suddenly become worthless and lose value overnight. In addition, the market has not overcome the consequences of the collapse of Terra USD and UST, which sharply reduced the value of the Terra Classic ecosystem.
https://coin-signal.com/cryptonews/the-head-of-the-central-bank-of-austria-is-pushing-the-development-of-crypto-technologies-in-the-private-sector/
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