The news of the acceptance of payments through stablecoin leveraging the use of blockchain technology by the Office of the Comptroller of the Currency (OCC) symbolizes a great step towards acceptance and migration in the standardized use of currencies based on a digital scheme. This change initiative is really interesting, although with certain peculiarities, but it serves as the basis for progress towards a new practical approach in the use, knowledge and implementation of blockchain technology through one of its representatives of value parity with the world. fiat.
The invitation to banks and other credit institutions to develop maximum efficiency cooperation with blockchain technology could once again place the United States in competition with a digital evolution that many are already building, clearly applying concepts and variants of those that are not. It is completely agreed, but they converge on the purpose that cryptographic valuation is the next ladder of monetary evolution and it is already a fact that before the next decade the cyberevolution will be completely in the digital field.
I rely on a quote from the OCC by indicating that it is not just any entity that makes this statement, since it represents "a federal agency of the United States whose responsibility is to regulate, establish and supervise national banks. An arm of the Department of the Treasury of the United States". Therefore, it is the responsibility of this entity to maintain stability with new products and services in the banking sector.
With this change in paradigm, technology will enter a more active consolidation stage, now it will not be simply just a domestic use of a commercial nature, we will be talking about the implementation of a massive financial institutionality that adds standards and regulatory frameworks for the use of, initially, stablecoins, and progressively change to cryptocurrencies, in any of their formats, public or private, institutional or governmental.
Detaching from a fiat concept will not happen overnight, but it will open spaces for a more direct interaction and banks will have to determine the path if they want to survive, literally. This will happen gradually with gold and other hard commodities, although their commercial value will only increase in the industrial value that scholars will appeal not to be overshadowed by this new form of stock and financial interaction.
Of course, and as is logical, there are still very delicate issues, the position of centralization and to what extent the use of the blockchain will cover, the issue of privacy and the declaration of assets, the size of the financial services that they will have and what Schemes will continue, they are some of the matters that are still on the podium, but with the opening of the use of stablecoins there may be a way to debate and accept the necessary conditions for the operation of cryptos. This also includes the behavior that some tokens will have and their way of managing.
In addition to the issue, let's not forget that within the declarations they give carte blanche for Banks and Institutions, financial and credit, to generate their own stablecoin, more of this genre will enter the game. Who knows how this participation will evolve and in the end we will see not only established centralized / decentralized relations and parities, but also a complete dominance of financial encryption.
This article contains own ideas and personal opinions, there is no room for plagiarism. You can find this same article on my Publish0x Blog under the following link.
https://www.publish0x.com/cryptographic-alchemy/crypto-governance-and-blockchain-leverage-xkyndxp
