The Central Bank of Canada noted the future impact of stablecoins on the global economy

Okcoin CEO Hong Fang voiced several prerequisites for the further growth of the cryptocurrency industry. He said the growing need for stable currency systems from existing centralized financial systems could be the catalyst for the next bull market.

Okcoin’s top manager pointed out that earlier “the World Bank issued a statement that a dozen countries could default” in 2023, which “is a failure of the centralized monetary system.”

“I suspect that the fundamental need for safer money will continue to grow in the background,” the crypto enthusiast noted.

According to him, in 2024 there will be another cycle of reducing bitcoin by 2 times. And the scope of blockchain projects development will increase year by year. And it can also become a catalyst for increasing the value of crypto assets.

“I think that the third potential catalyst is real projects. Every time there is a bull market with Bitcoin, DeFi and NFT, it is because many developers created projects in the last bear market,” Fang said.

Meanwhile, the Central Bank of Canada noted the likely impact of stablecoins on the global economy. Analysts of the Central Bank believe that regulators should approach the issue of control over digital assets more carefully due to threats to the international financial system.

From the beginning of 2020 to the middle of this year, the total capitalization of stablecoins has grown 30 times to $161 billion. Analysts have recognized that such assets can be widely used, especially in combination with smart contracts.

For example, with the help of stablecoins, they can increase the speed of payments and increase their efficiency, seriously competing with existing payment services. Do you believe in the future of stablecoins?