If there is a stablecoin backed by every currency in the world then what would be the difference between fiat and crypto that too stable cryptos which are already in place? These coins would be infinitely minted just like any other countries fiat and we would have all of them to deal with. It seems like a very nice idea where people can directly deposit their own fiat and buy that stable coin to trade with other crypto but there are problems in the interconversion of coins.
Again why would a country want its traditional currency into crypto stable currency? They can just declare it "illegal" and you are going out of business. You may find some specific use cases of this project but not so on a large scale.
Again why would a country want its traditional currency into crypto stable currency? They can just declare it "illegal" and you are going out of business. You may find some specific use cases of this project but not so on a large scale.
My idea was not to create a "global currency".
One StableCoin for USD, One StableCoin for EUR, One Stablecoin for RUB ...
We would follow the Idea of Tether and TrueUSD but instant of staying on one fiat currency we would add more fiat currencies for more people around the globe. People like to trade with their own currency like in europe they have their EUR. In Russia their RUB.
And yes they can declare it as "illegal" but does that mean we need to stop what we are doing? No. People can still exchange their currencies and withdraw them 1:1.