From Asia to Europe, major central banks around the world are expected to announce their own digital currencies soon. This is confirmation that stablecoins like EURST are on the right track and they can show how economies should reinvent themselves after the current crisis.
Why everyone wants a CBDC now
There is a lot of discussion in business forums and reports in the financial press these days about central bank digital currencies (CBDCs) and how they can help build a new economy after Covid. Many countries in different regions are slated to develop a version of a CBDC, including Thailand and Ukraine. In fact, major central banks have been working on CBDCs for a number of years, and the upcoming European Central Bank digital euro and China’s digital yuan are expected to be among the first.
Even normally narrow-minded critics of cryptocurrency must now admit that digital currencies are an inevitable reality. For example, none other than “Dr. Doom ”, the economist Nouriel Roubini is now predicting a“ great revolution ”in the next few years, as many central banks bring their own digital currencies onto the market.
This is mainly happening because central bankers see the success of stablecoins, digital tokens tied to national currencies, and fear that they will be left behind if people choose to take advantage of the new innovation. Stable coins are also a clear example for the world’s central bankers of how digital currency technology works and the positive effects it can have on their regional economies.
A leading example of a digital currency for the European economy is EURST, an asset-backed and live-checked stablecoin in USD developed by Simone Mazzuca. This Wallex Trust digital currency has a value of € 1 backed by the Federal Reserve and Wallex Trust accounts.
“Digital currencies that represent countries or states are very popular today. This is because stablecoins work. They are effective. EURST is an example of the European economy, but for us EURST is just the beginning, it’s a taste of what can be done. Our goal is to beat and build the system. “- Simone Mazzuca
The way forward with EURST
One of the biggest technological challenges for digital currencies, which are officially supported by the government, is the need to comply with a whole range of complex financial regulations. Anyone can only issue a token using a blockchain like Ethereum. However, in order to integrate into the legal framework at the national level, you will need to demonstrate that it is secured by an asset as claimed. You need to demonstrate that it complies with regulations and compliance laws, and you need ways to prevent bad actors from benefiting from it.
The Wallex Group, which secures EURST and includes Wallex Trust and Wallex Custody, is a regulated company with an insurance account and follows strict compliance procedures for AML (5th Anti-Money Laundering Policy) and Know-your-Customer (KYC). Procedure. In this way EURST can lodge a complaint with European regulations and integrate into the traditional financial system. This allows companies and individuals to interact with the system they are used to while enjoying the many advantages of digital assets.
Frankfurt, Germany – European Central Bank (ECB)
“This is where the New Economy is heading and for companies like us, The Wallex Group and EURST, this is just the beginning. We give people the opportunity to regain financial power. We let people set up startups and use this technology to the best of our ability. “- Simone Mazzuca
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