Summary
The country’s Central Banker believes that fiat money is more trustworthy than stablecoins due to the backing of the government.
Key Points
1. Central Banker’s View: The country’s Central Banker believes that fiat money is more credible than stablecoins. This view is primarily due to the fact that fiat money is backed by the government, which provides it with a sense of legitimacy and trustworthiness.
2. Power of Government: The key advantage of fiat money highlighted by the Central Banker is the power of the government that stands behind it. This power includes the ability to regulate and control the currency, ensure stability, and intervene in times of financial crises or economic uncertainty.
3. Credibility of Stablecoins: While stablecoins have gained popularity in the cryptocurrency space, the Central Banker suggests that their credibility may be lower compared to fiat money. Stablecoins are typically pegged to a reserve asset, such as a fiat currency or a commodity, but they lack the same level of government backing and oversight.