The European Central Bank (ECB) published a report in which three specialists evaluated up to 54 stablecoins and concluded that a potential use of these will depend on clear rules in their systems of governance and appropriate regulation.In the report of 55 pages, entitled In search of the stability of the criptoactivos: what are the currencies stable solution?, the authors Dirk Bullmann, Jonas Klemm and Andrea Pinna point out that, although some stablecoins are a relatively new phenomenon, its use in the future is uncertain.
The total value of the market of the stablecoins soared in the last year, mainly due to the growth of the funding initiatives tokenizados. However, their future role in the market of criptoactivos and in the economy in general is uncertain (…) The adoption of any stablecoin requires a government course, including the procedures to update the contracts intelligent in the core of the initiative and an established framework for cyber security.European Central Bank.
New classification
Analysts describe the types of stablecoins or currencies anchored to the value of another asset, its methods of support and propose a new classification that focused on three aspects: the responsibility of the issuer, decentralization of responsibilities and what is what underpins the value of the stablecoin. In addition, analyze in detail a tether, DAI and NuBits as examples of the different types of stablecoins that exist in the market.One point to highlight in its conclusions is that, for them, the current picture of the market confirms that some of the main initiatives of stablecoins follow the “business model of electronic money and traditional payment systems pre-financed”, which means that projects that emit from shape “symbolic” funds that support networks with technology of accounting distributed (DLT).For the authors, the main obstacle that must be overcome stablecoins or currencies anchored is the uncertainty by the lack of scrutiny and regulatory recognition. This is because financial institutions could use the same technology for the registration of traditional assets (money of commercial banks and electronic money regulated) and make stablecoins are redundant in the use of DLT.In the past the ECB has ruled on cryptocurrencies as bitcoin. In 2017, Yves Mersch, a member of its executive committee, stated that “bitcoin represents a major threat to global financial stability”. Despite this position, three weeks ago, the bank announced that it plans to use more data of blockchains to better monitor the markets of cryptocurrencies.Even, also in 2017, the president of the European Central Bank, Mario Draghi, made a public invitation to the residents of the continent to formulate questions about the cryptocurrencies in the social networks Twitter and Facebook with the tags #AskDraghi and #ECBYouthDialogue.