Cryptocurrencies to substitute usual money by 2030, but for now EU forbids stablecoins

▶ Cryptocurrencies to substitute usual money by 2030

This is the opinion of Deutsche Bank experts. According to the authors of research, demand for digital money and anonymity will bring along cryptocurrency popularity.

But there will be challenges, too. Firstly, legalization of cryptocurrencies by governments. Secondly, dependency on electricity. The third problem would be a threat of cyberattacks.

▶ EU forbids stablecoins

EU forbids usage of stablecoins on its territory, including Libra and Tether.

“No global stablecoin arrangement should begin operation in the European Union until the legal, regulatory and oversight challenges and risks have been adequately identified and addressed,” — the statement of the EU Council states.

▶Bitcoin crashed down to $680 together with USDS

On December,4 at 23:00 bitcoin dropped from $7,488 to $680 together with stablecoin USDS. This took place on Binance exchange.

The price momentarily returned to normal, which allows to make 2 guess as to the reasons of the drawdown:
• mistakenly placing a sell order
• withdrawal of funds from a hacked account. Since the exchange has a complicated security system, it is hard to withdraw the money form the wallet directly. That’s why the criminals could have placed buy orders from another account and sell the stolen bitcoins to them.

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