Stablecoins can hold central banks fiscally accountable | Opinion

Here’s why Pi Network, Jasmy, LTC, Ethena, and altcoins are down

The global monetary landscape is shifting as Bitcoin, stablecoins, and decentralized finance challenge traditional currencies, setting the stage for an inevitable financial revolution.

Here’s why Pi Network, Jasmy, LTC, Ethena, and altcoins are down

For years, governments have questioned, “To CBDC or not to CBDC?”. While the US has rejected a CBDC, other nations still grapple with their digital currency strategies. Many see digital currencies as a way to modernize their financial systems. But digitization alone is not a solution. CBDCs offer governments unprecedented control over financial activity, undermining the very culture of financial freedom that blockchain technology was built to protect. Worse, they do not guarantee stability.

Here’s why Pi Network, Jasmy, LTC, Ethena, and altcoins are down

The decentralized nature of blockchain means consumers have financial alternatives beyond the reach of their country. As countries impose capital controls, citizens look to circumvent them using stablecoins. And when central banks inflate their national currencies through reckless monetary policy, people start to replace their fiat currency. It would only take 1%, 5%, or 10% of a country’s population to move their savings into digital assets before their local currency begins to destabilize. As that number grows with blockchain adoption, this shift shows a path towards the end of the central banks’ monopoly over money.