Earlier this month CoinDesk Reported that the Federal Reserve believes the dollar will one day soon become a digital asset much like XRP.
Then David Schwartz also spoke of creating a dollar stablecoin but instead of being backed by the FED, backed by XRP & we got excited.
The key distinguishing property of this proposal is that the stablecoin is always redeemable for XRP on the ledger from the collateral pool, Some organization or federation still must supply the price the asset is pegged to on a continuous basis or the stablecoin will freeze
David Schwartz - Yahoo Finance
Schwartz, a former cryptographer at the NSA was one of the chief architects behind XRP and the distributed ledger protocol is 100% genius.
Exciting news, or is it we are unsure, what would a dollar stablecoin backed by XRP instead of overprinted fiat look like, would it work?
Not So Fast Pompliano!
According to Yahoo Finance the suggestion of backing ANY currency with a digital asset, is, for now at least a risky idea.
Pegging a nation’s currency to crypto right now would be volatile, so where does Schwartz’s confidence come from, does he know something we don’t?
Morgan Creek Digital co-founder and serial bitcoin bull, Anthony Pompliano, said that he would tokenize the dollar immediately if he was the US government. This is the only way that it might retain its status as a world reserve currency, he suggested. However, he still thinks that people will ultimately choose bitcoin, as a currency which the government can’t control.
Bitcoinist - Talking to Pomliano
Although he would use Bitcoin, Anthony Pomliano suggested tokenizing the Dollar immediately in order 5to save its global reserve status.
The crypto experts see revolutionary changes are coming and if policymakers do not react fast enough and intelligently they will be left behind.
READ MORE - David Schwartz
READ MORE - Fed Story