High leverage, interconnectedness and the lack of a governance structure triggered the ‘chain’ of bankruptcies in 2022. The board member believes the world lost faith in crypto in 2022. Crypto has “fu...
Tag: Unbacked
Unbacked Cryptos Are a ‘Vehicle for Gambling’ Lacking ‘Intrinsic Value’ – Finance Bitcoin News
Fabio Panetta, part of the Executive Committee of the European Central Bank (ECB), believes that unbacked cryptocurrency assets are vehicles for gambling without intrinsic value, which need to be regu...
Unbacked Exchange Tokens Like FTX’s FTT ‘Extreme Risk’: Bank of England Deputy Governor
The Bank of England’s Deputy Governor, Sir Jon Cunliffe, has weighed in the need for regulators to come up with strong consumer safeguards after the FTX crisis, according to a speech he delivered at a...
Lou Kerner Makes UST/USD Comparison, Stating Unbacked Things ‘Go to Zero’
In an appearance on CNBC’s ‘Power Lunch,’ Lou Kerner of Blockchain Coinvestors compared the U.S. Dollar to the failed stablecoin UST. The crypto VC categorized both currencies as “unbacked things” whi...
CBDCs Have Advantages Over ‘Unbacked Crypto Assets’ And Stablecoins, According To The IMF’s Chief Economist
Privacy concerns about China’s digital yuan, which Georgieva highlighted as one of six central banks on the border of CBDC development in her speech, were not addressed. For starters, CBDCs aren’t a o...