American economist: cryptocurrency is not necessarily the future

On December 31st, Bloomberg columnist and American economist Tyler Cowen published an article "Cryptocurrency is not necessarily the future." The article stated that in the foreseeable future, institutions that establish stable coins linked to the US dollar will have higher risks, lower transparency, and more difficult handling than the US dollar-based system itself, including peripheral banks. Holding or using stable coins for transactions will bring a variety of risks. As long as stable coins and other encrypted assets become an important part of the financial system, they will attract more regulatory interest. And the formal banking industry will be improved, for example, by speeding up liquidation or introducing electronic reserve currencies. Encrypted assets can be either useful hedging tools or useful forms of payment, but they cannot be both. (Bloomberg)