Adding to many good points people have already made against this development:
National currencies and the organizations that control it are under scrutiny by government organizations that, in theory, protect the interests of the people. No such protection exists for cryptocurrency.
National currency inflation is, in theory, regulated by government organizations explicitly to benefit the local economy. It benefits workers at the expense of the creditors and money-hoarders. This solution becomes impossible with a 'global' currency. We've recently seen an example with the Greek financial crisis, were Greece would have profited from a higher inflation of the Euro, but this would have harmed Germany (we did get some inflation in the end).
A private 'blockchain' is no more than a stack. It only serves as a tech demo or to people into a false sense of security.
A 'stablecoin' is just a trust (or fake, if it is self-backed, but that's not the case here). There is no benefit to consumers to using a 'stablecoin' over using a FIAT currency such as dollars or euros.
What's proposed here is a bank that doesn't have to follow any pesky regulations.
Adding to many good points people have already made against this development:
What's proposed here is a bank that doesn't have to follow any pesky regulations.
Well diagnosed Dr.
What's the treatment?
😃