Christine Lagarde: "Stablecoins only “pretend” currencies » – Bits Media

European Central Bank President Christine Lagarde said, that stablecoins must be fully backed by fiat currencies, otherwise they will be too risky for users.

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Discussions on the topic "The greatest challenges of the world", organized The founder of the World Economic Forum (WEF) Klaus Svaba (Klaus Schwab), Lagarde once again expressed concerns about stablecoins.

Schwab asked Lagard, Can “decentralized currencies” strengthen financial stability, or they must be considered a threat. Lagarda answered, What is important to correctly classify crypto assets and "call a spade a spade". She explained, that cryptocurrencies, tied to the course of state currencies, are considered assets, but they should not be called currencies.

“Stebblecoins impersonate currencies, But in fact it is not so, They are only attached to them. Recent stories with emitents of stablecoins demonstrated, that they may not be fully provided with fiat money, How is it usually stated ", - said Lagarde.

In May, Tether first published detailed information about the provision of USDT stablecoin. It turned out, What about 76% ensured by traditional currencies and obligations in them, Although earlier the company approved, that USDT is completely attached to the US dollar in the ratio 1:1. In July, Circle also introduced the details of the USDC reserves, According to which about 61% USDC is provided in cash and their equivalents.

According to Lagard, Stebblecoin issuers must guarantee, that users will be able to exchange them for dollars at any time. Therefore, each stablecoin should be on 100% provided with fiat currency, Otherwise, stable cryptocurrencies can really become a challenge for the entire financial system. Reserves of companies, producing stablecoins, It is necessary to check and keep under control, to protect users from possible distortion of information, He counts Lagard.

Discussion affected the launch of digital euros. Lagarda reported, that soon the ECB will begin a two -year experiment, to identify demand for digital euros. Particular attention will be paid to ensuring the safety of digital euros, as well as an increase in its accessibility, so that it is used not only in Europe, but also in other parts of the world.

“ECB must be ready to respond to customer needs. If they prefer to use digital currency, not banknotes, Means, It should become accessible to everyone ", - answered Lagard.

Earlier, Lagarda said, that digital euros will be launched in the next four years, After successfully conducting practical experiments.