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Cryptocurrency 2.0 : Stablecoins

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Cryptocurrency 2.0 : Stablecoins

  1. 1. FIAT CURRENCY : Fiat money is government-issued currency that is not backed by a physical commodity, such as gold or silver. The value of fiat money is derived from the relationship between supply and demand; and the stability of the issuing government, rather than the worth of a commodity backing it. Most modern paper currencies are fiat currencies. STABLECOINS : Stablecoins, are simply cryptocurrencies with stable value that is collateralized to the value of an underlying asset such as USD, GBP or precious metals like Gold, Silver. They share all the objectives of a cryptocurrency while overcoming its limitations like volatility, making them much more usable as a store of value, medium of exchange, and unit of account. CRYPTOCURRENCY 2.0 : STABLECOINS 9000 BC 1200 BC 1000- 600 BC 118 BC 806 1535 1816 1913 1950 1971 1999 2009 Barter System Metal Coins Leather Money The Wampum Gold-Backed USD Fiat - USD Paper Money Gold Credit Cards Mobile Payments Bitcoin Launch Shell Money Bitcoin is a first peer-to-peer payment system and digital currency introduced as open source software in 2009 by pseudonymous developer Satoshi Nakamoto. It is a cryptocurrency, so-called because it uses cryptography to control the creation and transfer of money. Users send payments by broadcasting digitally signed messages to the network. Participants known as miners verify and timestamp transactions into a shared public database called the block-chain, for which they are rewarded with transaction fees and newly mined bitcoins. Jan’09 Bitcoin Genesis Block Mined (1st TX) CRYPTOCURRENCY EVOLUTIONOVERTHETIME Feb’11-13 Silk Road (Dark Web Marketplace) July’10 MtGox 1st Bitcoin Exchange Launched May’10 Bitcoin Pizza (2 pizza bought for 1000 BTC) 2011-16 Other Crypto Currency emerges Dec’14 Microsoft accepts Bitcoin 2014 Gaming cos. start accepting Crypto Currency 2015 Bit License Established by (NYDFS) Dec’17 Bitcoin Derivatives launch at CBOE & CME Dec’17 Crypto Currency hits all time high (Boom phase) 2018 Crypto currency market tanks questioning its credibility 2018-19 Stablecoins (SC) emerges as a solution to volatility COUNTRYWISE STAND ON CRYPTOCURRENCY ✓  2019 FB’s announcement to launch its SC INFLUENCER’S VIEWS ON CRYPTOCURRENCY “Bringing crypto-assets into the regulatory tent could potentially catalyze innovations to serve the public better.” (03/02/2018) Mark Carney, Governor, Bank Of England “We need better cross-border payments ... because it’s good for development, it’s good for financial inclusion, so Bitcoin can help us” (26/01/2018) Benoit Coeure, European Central Bank Ex. Board Member “I regret making comments saying Bitcoin is a fraud, The blockchain is real. You can have crypto yen and dollars and stuff like that.” (01/09/2018) Jamie Dimon, CEO, JPMorgan Chase & Co. “Not so long ago, some experts argued that personal computers would never be adopted and that tablets would only be used as expensive coffee trays. So I think it may not be wise to dismiss virtual currencies.” Countries with “weak institutions and unstable national currencies” may see growing use.” (29/09/2017) Christine Lagarde, MD, International Monetary Fund SHIFTING TOWARDS GLOBAL CURRENCY Disclaimer : Through this material, we do not promote any cryptocurrency. Any information contained herein is not intended to be a source of advice with respect to the material presented. This is just the personal opinion of the author. Author claims no responsibility to anyone who acts on the basis of information presented in this material. Please do your own research before taking any decision. ▪ Regulated ▪ Stable ▪ Centralized ▪ High Transaction Costs & Time ▪ No Banking access to all ▪ Weaker Economies ▪ Price Stability ▪ Secure ▪ Decentralised ▪ Store of Value ▪ Medium of Exchange ▪ Globally Scalable ▪ Immutable Transactions ▪ Lower Transaction Cost ▪ Lower Transaction Time ▪ Secure ▪ Decentralised ▪ Immutable Transactions ▪ Medium of Exchange ▪ Globally Scalable ▪ Highly Volatile ▪ Unregulated ▪ Not a store of value E X I S T I N G P A Y M E N T S Y S T E M S T A B L E C O I N C R Y P T O C U R R E N C Y Bank M E M B E R S O F L I B R A A S S O C I AT I O N Technological innovations are happening everyday with an aim to bring people closer irrespective of geographical boundaries. There are countless people who have access to technology but not to a convenient and safe financial infrastructure. Present payment and banking systems need to evolve with technology to make available faster and secure medium of financial exchange. Developed Economies like USA, UK, Hong Kong, Japan are embracing and supporting the change that is happening in form of Cryptocurrency. Developing Economies are showing reluctance in adopting the change. F I AT C U R R E N C Y v / s S TA B L E C O I N Backed by secure technology and tangible collateral, STABLECOINS extract and combine benefits of both cryptocurrencies and fiat currencies. It has potential to address many transactional limitations in the present world. Utilizing Facebook’s global penetration, Libra specially is set to become popular. INTRODUCING STABLECOINS CAPTURES DESIRED CHARACTERSTICS OF EXISTING PAYMENT SYSTEM AND CRYPTOCURRENCIES Launch Year : Sep’18 Market Cap : $ 15 Mn Day Volume : $ 9 Mn Launch Year : Sep’18 Market Cap : $ 164 Mn Day Volume : $ 124 Mn *NYDFS : New York Department of Financial Services - 2 4 6 8 10 12 14 2017 2018 2019 inUSDBillions Trading Volume Bitcoin Ethereum Litecoin Ripple USD(S) USD(S): USD backed stablecoins includes Tether, Paxos Standard, USD Coin & True USD Source : www.coinmarketcap.com POPULARITY OF STABLECOINS NYDFS* REGULATED STABLECOINS WERE LAUNCHED, NOW ITS TRADING GROWTH IS SURPASSING OTHER MAJOR CRYPTOCURRENCIES FACEBOOK JOINS THE CRYPTO CLUB LIBRA LAUNCH IS THE BIGGEST ANNOUNCEMENT IN THE WORLD OF STABLECOINS WITH NUMEROUS GLOBAL GIANTS PARTICIPATING, IT WILL BE BACKED BY RESERVE OF GOVERNMENT SECURITIES Mission: “a simple global currency and infrastructure that empowers billions of people” Cryptocurrency Type : Collaterized Stablecoin Governance: Libra Association of 100 members is a non-profit based in Switzerland. Reserves: Reserves backing Libra will consist of “low-volatility” assets like bank deposits and government securities in currencies from stable central banks like USD, GBP, EUR, and JPY Launch : 2020 Speed : 1000 TPS Reduced transaction cost and time Regulated : Facebook has created Calibra FinCEN- registered subsidiary to ensure “separation between social and financial data and to build and operate services on its behalf on top of the Libra network L I B R A C H A R A C T E R I S T I C S 18th June’2019 Authors : Pulkit Goel, CFA & CA Aditya Agarwal

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