Founder of Paxos: "Stablecoins will not be taken seriously without regulation" – Bits Media

Paxos CEO Charles Cascarilla believes, that stablecoins need regulation. This will facilitate their widespread adoption..

Charles Cascarilla (Charles Cascarilla) sure, that stable cryptocurrencies, pegged to fiat currencies or precious metals, need regulation. It is thanks to this that they will cease to be trading tools for crypto enthusiasts., and will be legally used internationally.

Without proper control, stablecoins will not be able to win the trust of governments and large companies. Cascarilla believes, that controlling stablecoins is critical to gaining their interest, and in the long term, strablecoins will not be able to make changes to the financial system, if they avoid regulation.

According to the head of Paxos, stable cryptocurrencies contribute to more involvement of people in the world of finance, as they open up new ways to move money. He admitted, that regulatory control can become a hindrance to cryptocurrency projects, in the early stages of development. However, there is a big difference between stablecoins., following certain rules from the very beginning, and working "in the shadows". The latter approach may work in other industries., but in a highly regulated industry of finance, it will be wrong, said Cascarilla.

Talking about regulatory concerns about money laundering through stablecoins and conventional cryptocurrencies, he noted, что наличные доллары США используются для этой цели гораздо чаще. Unlike them, stablecoins allow transparent tracking of payments. Cascarilla believes, that ideally such cryptoassets should be issued by central banks. But for this they still have to conduct a lot of research and testing., and this is a long-term process. Now the market must "weed out" ineffective financial instruments, and regulation – this is a great way to show, which ones really work.

"Stablecoins are public and pseudo-anonymous. Information about the amounts, with whom transactions are made, open to all, and you can always check it ", – said the head of Paxos.

Recall, что в апреле Paxos получила условную лицензию от Управления контролера денежного обращения США (OCC), позволяющую компании работать во всех штатах США.