Quote from: wheelz1200 on August 21, 2022, 09:21:06 PM

I mean in terms of moving into stable coins to preserve capital it works in countries where taxable events only occur when you go from crypto to fiat, therefore going into stable coins relieves you of that. Otherwise I'd rather go into fiat than stablecoins.

I wouldn't say you'll be "relieved" of paying taxes from stablecoins, since they're centralized after all. The issuer can simply freeze your funds if it detects you're evading taxes. With the Terra's UST stablecoin collapse, regulators have been paying close attention to the industry's developments. I think governments will tighten regulations in order to prevent money laundering and tax evasion with stablecoins. Of course, this applies to centralized stablecoins. But with decentralized stablecoins like DAI and USDJ, that's another story.

I'd prefer to save money in Fiat because it's backed by the full faith and credit of the government. Stablecoins don't have the same protections as ordinary Fiat currencies because they're issued by private companies. If the company goes bankrupt or there's a major hack, you could lose it all without being able to claim your money back. Unless regulations come at full force, I don't see stablecoins going anywhere soon. Just my thoughts Grin