Stablecoins 'should win over currencies backed by nothing', Chris Skinner

Stablecoins 'should win over currencies backed by nothing', Chris Skinner

Bitcoin won’t break into the payments mainstream for some years to come, if ever. That's the view of FinTech heavyweight Chris Skinner, Chair of the European networking forum The Financial Services Club and Nordic Finance Innovation.

In a blog post, he notes that there have been a number of reboots (forks) of Bitcoin and Ether since their inception, and this "demonstrates the experimental nature of where we are today and why cryptocurrencies are not ready for prime time yet".

The future could well be stablecoins, he argues. "We have IBM developing stablecoins, tied to the US dollar, Facebook about to launch one...In fact, some claim the marketplace is already overloaded. Nevertheless, it does make sense to have a digital currency backed by real assets. Whether it be US dollars, gold, property or any other asset, true asset-backed stablecoin currencies should win over currencies backed by nothing."

There’s little behind Bitcoin except the promise of a global currency without government, "and even that’s been pooped. China has successfully banned Bitcoin as a currency, Bitcoin trading, ICOs, and is now moving on to banning Bitcoin mining,” Skinner concludes.

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