Bitcoin trades lower Monday morning as two Stablecoin experts warn of financial system risk
Bitcoin, Ethereum and Dogecoin were all down during the overnight hours
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Bitcoin was trading 0.27% lower early Monday morning.
The price was around $31,783 per coin, while rivals Ethereum and Dogecoin were trading around $1,907 and just 18 cents per coin, respectively, according to Coindesk.
YELLEN TO HOST STABLECOIN WORKING GROUP MONDAY
Meanwhile, two prominent financial experts warned if left unchecked, Stablecoin could evolve into a time reminiscent of the 19th century’s free banking period in the U.S.
In an academic paper released Saturday, Yale economist Gary Gorton and U.S. Federal Reserve attorney Jeffery Zhang warned of the chance of systemic risk to the financial system by a "digital form of privately produced money" pegged one-to-one with "safe" assets.
Cryptocurrency was trading down early Monday morning as all of the major currencies are down in the last 24 hours, Coindesk reported.
In other cryptocurrency news, monetary authorities around the world are rushing to design digital currencies, and many are asking: Who knows how to do this?, The Wall Street Journal reported Monday.
Some of the first governments to go digital have found an answer in cryptocurrency enthusiasts, the report said. For these digital currency experts, the digital trend presents an opportunity to create virtual money for a whole nation.
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Demand for digital-currency strategies in other countries has been encouraged by China’s signals it may be close to launching a digital version of the yuan. On Friday, Beijing said its e-CNY has been tested in more than 70 million transactions worth over $5 billion.