Stablecoin and digital economy

[abhiseshakana]

Stable coin can be lubricant for economic engine but its existance alone can not be economic engine itself. It make transaction more effective but it can not create job opportunity, new technological industry, innovation and productivity automatically. Beside that not all country need local stablecoin, if they already has stable fiat with modern payment infrastructure and cheap cost border transfer, then incentive to have stablecoin will be relatively small. So as a tool which support productivity, innovation and human happiness. Stable coin can not be categorized as asset that create weslth

[Bitcoin_people]

People are currently paying more attention to digital currencies than local stablecoins. With technology, people are improving their quality of life and digital currencies. Although we heard Elon Musk say a few days ago that local currencies may not be used in a few decades. Although I think this is not happening very soon because local currencies cannot be easily made to disappear, rather they will remain but on a smaller scale. In most countries of the world, due to the advancement in technology, everything is being done online, due to which the digital economy is moving forward a lot. However, it is not the case that just launching a local stablecoin will make the digital economy stronger, but rather, it requires infrastructure-reliable technology. In any case, it is expected that local stablecoins can be a strong foundation in the future digital economy.

[WillyAp]

stablecoins fill in the gap left by the banking scene.
Banks went more restrictive, Stablecoins are easy to get, save to safe, a good storage but they are not crypto.
Stablecoins obey the rules of a master.

[MRY]

People are currently paying more attention to digital currencies than local stablecoins. With technology, people are improving their quality of life and digital currencies. Although we heard Elon Musk say a few days ago that local currencies may not be used in a few decades. Although I think this is not happening very soon because local currencies cannot be easily made to disappear, rather they will remain but on a smaller scale. In most countries of the world, due to the advancement in technology, everything is being done online, due to which the digital economy is moving forward a lot. However, it is not the case that just launching a local stablecoin will make the digital economy stronger, but rather, it requires infrastructure-reliable technology. In any case, it is expected that local stablecoins can be a strong foundation in the future digital economy.

Indeed, the transition towards the electronic transactions will require systemic resiliency that extends way beyond the simple implementation of a traditional value based coin. The economic independence of a territory is fully based on the effectiveness of networks, protection of data, and readiness of the communities. An aspect of physical payment instruments flexibility will be preserved, and local tokens will become a strategic addition in building the effectiveness of transactions within the contemporary system of the economic environment.

[Abiky]

I was find digital economy conversation very satisfying.
So according to this post https://x.com/cointelegraph/status/2082375816889970940?s=46 CZ of Binance believes that stablecoin can help improve countries digital economy.

Digital economy is the future, so many eras in human existence has passed and the country or regions that has found a way to be ahead in any era has been the most influential.

The other time Elon musk strongly believe that we will not need money in ten years from now, because Ai could cover our needs, he may be wrong but we can from it pick that the world economy will depend on its digital prowess.

What effect can having a local stablecoin on the countries digital economy.

I don't see how a stablecoin would improve a country's economy. It's just "digitized Fiat". Which means, it will have the same properties as ordinary Fiat currencies. Only that central banks and governments will have more control over the system. Don't listen to CZ. He's just a businessman looking what's best for his pocket. The man is more inclined to centralization than otherwise.

Stablecoins defeat the original purpose of crypto. Why wouldn: countries adopt Bitcoin instead? They will avoid many headaches associated with inflation. Stablecoins or CBDCs, nothing will be able to stop the revolution.

[davis196]

I was find digital economy conversation very satisfying.
So according to this post https://x.com/cointelegraph/status/2082375816889970940?s=46 CZ of Binance believes that stablecoin can help improve countries digital economy.

Digital economy is the future, so many eras in human existence has passed and the country or regions that has found a way to be ahead in any era has been the most influential.

The other time Elon musk strongly believe that we will not need money in ten years from now, because Ai could cover our needs, he may be wrong but we can from it pick that the world economy will depend on its digital prowess.

What effect can having a local stablecoin on the countries digital economy.

The whole obsession over the "digital economy" is starting to become boring. Every country must improve it's "brick and mortar" economy first, before it starts developing high tech industries. It looks absurd, if a country has a highly advanced IT sector, but at the same time, the highways and railroads are about the collapse and there's a higher level of unemployment among the not-so-educated people. The idea that stablecoins can "improve" an economy is ridiculous. The world uses USDT and USDC right now. Did they improve any economy around the world? Currencies are just a tool, no matter if we are talking about fiat, crypto or stablecoins. Currencies help in value redistribution, they don't create value out or thin air. Value is being created by human labor and ingenuity.

[DubemIfedigbo001]

I would not be surprised CZ said that because Binance holds majority of stable coins on its reserve. As i know from what already tweeted by cryptoquant if Binance holds around 65% of stable coin issued (USDC & USDT). So i guess he said that stable coin would improve countries because his business would be getting lots of benefit from it. 

How realistic does this sound to you that Binance holds majority of stable coins when they're not the issuers, I wouldn't believe they have more reserves than Tether(USDT) and circle(USDC). From records that backdates as far back as 2024, Tether holds a$113 billion in US treasuries both directly and indirectly as backup for it's USDT stable coins, which puts it ahead of any institution dealing with USDT and other stable coins.

As for what Elon is saying, it's a mere hype for his AI industry,  we're used to his bluffs already. There is no time people wouldn't need to work and make a living, people are not robots, they always need money to survive and continue to exist.

[Abiky]

The whole obsession over the "digital economy" is starting to become boring. Every country must improve it's "brick and mortar" economy first, before it starts developing high tech industries. It looks absurd, if a country has a highly advanced IT sector, but at the same time, the highways and railroads are about the collapse and there's a higher level of unemployment among the not-so-educated people. The idea that stablecoins can "improve" an economy is ridiculous. The world uses USDT and USDC right now. Did they improve any economy around the world? Currencies are just a tool, no matter if we are talking about fiat, crypto or stablecoins. Currencies help in value redistribution, they don't create value out or thin air. Value is being created by human labor and ingenuity.

This reminds me of the early days of crypto. Back then, there were many hopes and dreams about crypto replacing or improving the mainstream economy. But so far, nothing has materialized yet. In fact, it's worst because now banks and governments will launch their very own digital currencies. This means more surveillance, more control, and less privacy + freedom to all.

Crypto didn't improve the economy, neither CBDCs will. The economy will improve based on the central banks and the government's actions. Everything's been going downhill ever since COVID-19 took the world by storm, so our hopes of a full recovery are bleak. We owe it all to corrupt politicians and the Elite class (wealthy people).

[Solodoski]

The other time Elon musk strongly believe that we will not need money in ten years from now, because Ai could cover our needs, he may be wrong but we can from it pick that the world economy will depend on its digital prowess.

What effect can having a local stablecoin on the countries digital economy.

What will be the means for daily transactions if money is not needed? Money is needed to purchase AI because for such an advanced technology it won't come easy and cheap. Maybe only specific individuals in the upper class will have access to the technology at their home. I don't agree with Elon Musk, as he has said many things in the past that have inturn become a different reality.

[WillyAp]

Stablecoins defeat the original purpose of crypto. Why wouldn: countries adopt Bitcoin instead? They will avoid many headaches associated with inflation. Stablecoins or CBDCs, nothing will be able to stop the revolution.

Because a stablecoin is easier to get, easier to transfer, easier to convert.
Easiness is the sole common dominator, always has been always will be. 

[lombok]

The other time Elon musk strongly believe that we will not need money in ten years from now, because Ai could cover our needs, he may be wrong but we can from it pick that the world economy will depend on its digital prowess.

What effect can having a local stablecoin on the countries digital economy.

What will be the means for daily transactions if money is not needed? Money is needed to purchase AI because for such an advanced technology it won't come easy and cheap. Maybe only specific individuals in the upper class will have access to the technology at their home. I don't agree with Elon Musk, as he has said many things in the past that have inturn become a different reality.

Of course, the alternatives to the usual money in our daily lives can be tokens of energy exchange, trade offs of necessary items or licensing. With the advanced equipment having a high cost of the parts and consuming a lot of power, high technology technology can easily fall in the hands of the strong investors. The criticism of future pledges is justified, the campaigns of technology promoters usually overlook structural barriers to a fair access to the broad community.

[Oasisman]

Elon Musk is saying rubbish. This is not the first time he said it, he said it few months ago, but he said it again now. He is only deceiving people with some things.

It might not be in ten years, but it might happen in the future. Some of these tech gurus have a way of predicting the future. It might not be precise, but there might be some truth in their forecast. Elon's late 2000s predictions about electric cars are coming to pass.

They have basis, but some of them don't make sense. How many predictions has Elon made that have come true recently? Or even come closer to reality currently?

I also doubt his futuristic view of economics that money won't matter in the next 10 years. That's just simply impossible. Even if AI takes over most of the human work, both physically and mentally, I don't see any reason why money won't matter or why things get cheaper. I'm not convinced by how he explains it.
Remember how he predicted and promised that the 3rd generation of Tesla would be affordable? Well, that did not fully materialize due to inflation, and so they even trimmed down the original model to bring the price closer to the promised figure.

For me, money matters for many years, along with stablecoins and digital currency, regardless of how advanced the AI gets.

[dansus021]

CZ’s point about stablecoins isn't just hype we are already seeing stablecoins become the underlying payment rails for global e-commerce and cross-border trade. So in theory stablecoin is helping community, us and lot other because they are cheap borderless and everyone can hold it. Instead of paying 5-7% in banking fees and waiting days for SWIFT transfers, local businesses can trade cross-border in minutes for cents. It extends digital payments to anyone with a cheap smartphone, bypassing the need for physical bank branches.

[MiF]

The other time Elon musk strongly believe that we will not need money in ten years from now, because Ai could cover our needs, he may be wrong but we can from it pick that the world economy will depend on its digital prowess.

What effect can having a local stablecoin on the countries digital economy.

What will be the means for daily transactions if money is not needed? Money is needed to purchase AI because for such an advanced technology it won't come easy and cheap. Maybe only specific individuals in the upper class will have access to the technology at their home. I don't agree with Elon Musk, as he has said many things in the past that have inturn become a different reality.

Of course, the alternatives to the usual money in our daily lives can be tokens of energy exchange, trade offs of necessary items or licensing. With the advanced equipment having a high cost of the parts and consuming a lot of power, high technology technology can easily fall in the hands of the strong investors. The criticism of future pledges is justified, the campaigns of technology promoters usually overlook structural barriers to a fair access to the broad community.

I don't believe that AI makes money no longer relevant since there is always a resource that has a value. Even with the most sophisticated AI, electricity, computing power, internet access and hardware will need to be paid for. The local stablecoin, on the other hand, can boost the digital economy of a nation by providing businesses and individuals with a more convenient, affordable, and efficient means of digitally paying for goods and services. It needs good regulation, trust and security of infrastructure. Stablecoins are financial instruments, which can be useful, but they do not replace money or money and solve more fundamental economic problems.

[#CapsLOck]

The other time Elon musk strongly believe that we will not need money in ten years from now, because Ai could cover our needs, he may be wrong but we can from it pick that the world economy will depend on its digital prowess.

What effect can having a local stablecoin on the countries digital economy.

What will be the means for daily transactions if money is not needed? Money is needed to purchase AI because for such an advanced technology it won't come easy and cheap. Maybe only specific individuals in the upper class will have access to the technology at their home. I don't agree with Elon Musk, as he has said many things in the past that have inturn become a different reality.

Of course, the alternatives to the usual money in our daily lives can be tokens of energy exchange, trade offs of necessary items or licensing. With the advanced equipment having a high cost of the parts and consuming a lot of power, high technology technology can easily fall in the hands of the strong investors. The criticism of future pledges is justified, the campaigns of technology promoters usually overlook structural barriers to a fair access to the broad community.

That AI isn't going to make money redundant as there will always be value in resources and production costs. Despite the many things AI can do, there will always be a need for human-to-human, human-to-machine, and machine-to-human payments. A local stablecoin can play a major role in the financial inclusion of a country's citizens, and help to make transactions faster and cheaper. But it will only be successful if public confidence is built, if it is well regulated and if it has been adopted. Digital innovation has the potential for enhancing the economy, but it can't satisfy the fundamental economic requirement of exchanging value.

[Die_empty]

Because a stablecoin is easier to get, easier to transfer, easier to convert.
Easiness is the sole common dominator, always has been always will be. 

People no longer care about the safety of a product or service. What they want is ease, affordability and acceptance, and stablecoin offers them all. Stablecoins have become so popular that business owners use them for international transactions.

But people should always remember that Tether has never been fully and independently audited. They rely on periodic reserve " attestations issued by an accounting firm accounting firm BDO Italia. The audit report conducted by one of the Big Four accounting firms, KPMG, has not been made public. Stablecoin shouldn't be trusted.

[Filicius]

Because a stablecoin is easier to get, easier to transfer, easier to convert.
Easiness is the sole common dominator, always has been always will be. 

People no longer care about the safety of a product or service. What they want is ease, affordability and acceptance, and stablecoin offers them all. Stablecoins have become so popular that business owners use them for international transactions.

But people should always remember that Tether has never been fully and independently audited. They rely on periodic reserve " attestations issued by an accounting firm accounting firm BDO Italia. The audit report conducted by one of the Big Four accounting firms, KPMG, has not been made public. Stablecoin shouldn't be trusted.

I have had that same impression since 2017-2018, when I should’ve swapped some of my coins before the imminent colapse of many of them, but because of the doubts that arose about the safety of stablecoins I didn’t more a finger and lost some good opportunities.

Stablecoins are a great way to freeze the value of your coins at times of great fluctuations in the markets, and it should not be scary to use them occasionally, measuring the risks, but I would add that one should hold as little as posible for the shortest time possible, at least if we talk about Tether.

[johnsaributua]

I have had that same impression since 2017-2018, when I should’ve swapped some of my coins before the imminent colapse of many of them, but because of the doubts that arose about the safety of stablecoins I didn’t more a finger and lost some good opportunities.

Stablecoins are a great way to freeze the value of your coins at times of great fluctuations in the markets, and it should not be scary to use them occasionally, measuring the risks, but I would add that one should hold as little as posible for the shortest time possible, at least if we talk about Tether.

This teaches us to view the situation as a learning experience for the future, ensuring we avoid repeating mistakes—such as hesitation—that cause us to lose out on valuable opportunities or potential gains when making decisions. Hesitation often prevents us from acting, causing us to miss out on chances that could have offered significant advantages.

Many people face this exact dilemma however, some have learned not to squander opportunities when they arise. For instance, consider those who hesitate to accumulate Bitcoin during market downturns—like the one occurring right now—and fail to capitalize on the situation. If they could overcome that hesitation, they would have a prime opportunity to increase their assets for the future. Instead, their reluctance to buy means that when prices inevitably rise in the coming years they will have missed a valuable chance to profit from the current market conditions.

[yudi09]

I was find digital economy conversation very satisfying.
So according to this post https://x.com/cointelegraph/status/2082375816889970940?s=46 CZ of Binance believes that stablecoin can help improve countries digital economy.

Digital economy is the future, so many eras in human existence has passed and the country or regions that has found a way to be ahead in any era has been the most influential.

The other time Elon musk strongly believe that we will not need money in ten years from now, because Ai could cover our needs, he may be wrong but we can from it pick that the world economy will depend on its digital prowess.

What effect can having a local stablecoin on the countries digital economy.

A world filled with such prominent figures increasingly leaves the general public bewildered when scrutinizing their every statement, as not everyone possesses knowledge at that level.
With the widespread availability of digital payments, the general public has already experienced positive benefits, such as the ease of traveling without fear of robbery.
To a certain extent, I believe that the digital economic system in question could serve as a step toward accelerating economic digitalization, but there will be significant challenges for countries that implement it. The question that arises is: Are they prepared to address the various shortcomings they face across different areas?

[WillyAp]

Because a stablecoin is easier to get, easier to transfer, easier to convert.
Easiness is the sole common dominator, always has been always will be. 

People no longer care about the safety of a product or service. What they want is ease, affordability and acceptance, and stablecoin offers them all. Stablecoins have become so popular that business owners use them for international transactions.

But people should always remember that Tether has never been fully and independently audited. They rely on periodic reserve " attestations issued by an accounting firm accounting firm BDO Italia. The audit report conducted by one of the Big Four accounting firms, KPMG, has not been made public. Stablecoin shouldn't be trusted.

Some people love to trade, some need a store value (their currency devalues faster than the $).
Some need to channel funds, and some do other things, the world has a lot of opportunities.
There is not a thing called people, we are the same especies, but that is about all. In every people there are different flavors and tastes.