虛擬貨幣主管機關沒著落 陳冲:別把虛擬當空虛

虛擬貨幣主管機關沒著落 陳冲:別把虛擬當空虛

前行政院院長、現任新世代金融基金會董事長陳冲指出，當台北疫情正緊之際，5月18日中國銀行業協會、互聯網金融協會等三大團體聯合公告，要求業者勿用虛擬貨幣為產品定價、不得提供虛擬貨幣相關服務、並要求消費者提高風險防範意識，熟悉大陸環境的人說，「你懂的」，此舉實已代表官方的風向。

上月在扶輪社一場演講後，聽眾席有人發問，「你認為數位貨幣的前途如何」？大哉問，但所謂數位貨幣又是啥？

陳冲指出，如果說的是央行數位貨幣(CBDC)，請參考2021/1/27國際清算銀行BIS的報告，三年內可見真章，時下是人民幣暫居領先。如果說的是穩定幣(Stable coin)，個人非常看好，但目前各主要央行好像相當不爽。如果說的是加密幣(Cryptocurrency)，那也許是投資工具，但不是貨幣，小心為上。

當時正值比特幣價位迭創新高，提問人關心的自然是Cryptocurrency，也就是前述北京三大團體口中的虛擬貨幣。同樣一件事，不同名稱，虛擬乎？數位乎？加密乎？大家了解就好，interchangeable也無妨。

陳冲指出，全世界加密幣大約有五千種，Bitcoin比特幣當然是箇中翹楚。

2014/1/7，國內剛開始認識Bitcoin時，我在工商時報一篇專欄中提到，在美國擁有1,200萬觀眾的法庭影集The good wife，於2012/1/15播出一集名為Bitcoin for dummies(一語雙關，因美國有for dummies叢書)，講述法律事務所內眾律師討論Bitcoin的性質，最後結論是Bitcoin不是錢，就像Commodity一樣。

不要小看美國影集的編劇，背後專業智囊不是一般水準。2014年，我連續兩篇文章，談論比特幣，也都認為只是商品、投資工具，不是貨幣，更不是法償。此一看法，至今並無改變，最主要原因，虛擬(貨)幣沒有intrinsic value(內在價值)。

有商品，就有交易。十多年來，各種虛擬幣價格起伏劇烈，也成為洗錢工具的首選，常是國際洗錢防犯討論的要角，晚近各種交易平台的透明度，也被質疑，本月初，韓國金管會FSC主席表示，鑒於業者均未於3/25依法提出登記文件，政府有可能在9月24日新法所定期限，將全國二百家交易所全部勒令停業，以符國際上對VASP(Virtual Asset Service Provider)的期待。

陳冲指出，無獨有偶，本年4月9日，配合國際趨勢，行政院以院台法字第1100167722號令，完成依洗錢防制法第五條第四項之指定，其中將虛擬通貨平台及交易業務，界定為虛擬通貨與法定貨幣之互換、虛擬通貨間之交換/移轉、保管/管理虛擬通貨等，規定雖不盡完美，但都還有所本，卻暴露洗錢防制法長期以來的一項爭議，「三個和尚沒水喝」，五六個單位開會，結果卻無主管機關。

陳冲指出，行政院院長蘇貞昌可能樂於扛責任，但今年7/1以後，虛擬通貨交易所以及通貨間的移轉/交換等，如果發生糾紛、出了問題，甚至刑事責任，還是得有主管機關負責，難不成還要行政院出馬管VASP？看看其他國家由單一機關主政，或是數機關會銜，都有前例，這才是超前部署，「有政府，請安心」。

陳冲指出，看看中國，想想韓國，環顧全球，安心真不容易。

延伸閱讀

虛擬貨幣雪崩 老謝曝台灣這產業小心了

比特幣暴跌 加密貨幣相關股票同落難

陸封殺虛擬貨幣 比特幣驚跌3成

Facebook Diem announces US stablecoin launch

Facebook’s stablecoin project Diem has announced it is to launch a U.S. dollar pegged stablecoin, in the latest paring back of its international ambitions.

The project, formerly known as Libra, had been envisaging a worldwide roll-out for its stablecoin, which it had planned would be pegged to a weighted basket of international currencies. However, run-ins with regulators worldwide have resulted in several significant changes of direction in recent months, with the recent announcement the culmination of its reshaped ambitions ahead of launch.

The Diem Association, which runs the project, said it was moving its headquarters from Switzerland to the U.S., and would be withdrawing its application for a payment system license with the Swiss financial authorities.

Diem is now preparing to register as a money services business with the Financial Crimes Enforcement Network (FinCEN), a division of the U.S. Department of the Treasury.

A pilot launch of the stablecoin is being planned in connection with California’s Silvergate Bank, though Diem has yet to confirm when the rollout will take place.

“We are committed to a payment system that is safe for consumers and businesses, makes payments faster and cheaper,” according to Diem.

The Swiss Financial Market Supervisory Authority issued its own statement confirming Diem’s intentions to revoke its Swiss license application.

“Diem is planning to launch the payment system from the USA in a first phase because initially the project will focus on the USA as its target market.”

Plans for Facebook’s stablecoin, or Libra as it was then, were unveiled in June 2019, part of the company’s strategic ambition to expand into the global payments sector.

It had been hoped that Libra would allow for transactions between consumers, and consumers to businesses, as a form of digital payment native to the Facebook ecosystem.

The revised USD-only stablecoin strategy will now see Diem turn its focus to its domestic market in attempting to establish its foothold in the space.

See also: CoinGeek Live panel, The Future of Banking, Financial Products & Blockchain

New to Bitcoin? Check out CoinGeek’s Bitcoin for Beginners section, the ultimate resource guide to learn more about Bitcoin—as originally envisioned by Satoshi Nakamoto—and blockchain.

What Are Stablecoins and How Can I Invest in Them?

A stablecoin is a digital currency that is linked to an underlying asset such as a national currency or a precious metal such as gold. (Getty Images)

For investors interested in gaining exposure to cryptocurrency but worried about rampant volatility, stablecoins may be worth a look.

While cryptocurrencies such as Bitcoin and Ethereum have disrupted the way many investors interact and think about money, traditional investors may opt to steer clear as prices can change drastically from one moment to the next.

Stablecoins, on the other hand, are less subject to volatility. Stablecoins are cryptocurrencies that are backed by an asset, most often a fiat currency. They maintain much of the appeal of other cryptocurrencies, however, allowing investors access to a new and evolving asset class.

Here’s what you need to know about stablecoins:

What are stablecoins?

Fiat-backed stablecoins.

Crypto-backed stablecoins.

Commodity-backed stablecoins.

How to use stablecoins.

How to make money with stablecoins.

What Are Stablecoins?

A stablecoin is a digital currency that is linked to an underlying asset such as a national currency or a precious metal such as gold. The main types of stablecoins include fiat-backed, cryptocurrency-backed and commodity-backed stablecoins.

“Stablecoins are a type of cryptocurrency that are designed to maintain a fixed value, often pegged to a fiat (government-backed) security,” says Adam Lowe, chief innovation officer of CompoSecure, designer and manufacturer of premium financial cards.

Cryptocurrencies are a new asset class evolving rapidly in an increasingly tech-driven economy. As a consequence, cryptocurrencies are subject to major volatility, which can change their value in a matter of seconds.

Since they are pegged to a more stable asset such as the U.S. dollar, stablecoins were created to manage price swings often seen in Bitcoin and other cryptocurrencies.

Cryptocurrencies have proved to be sensitive to market events, but stablecoins tend to be less influenced by market conditions.

Fiat-Backed Stablecoins

Popular fiat-backed stablecoins include Tether (USDT), which is backed one-to-one on the U.S. dollar. Tether is the first stablecoin that came to market and the most used and adopted stablecoin with the largest market capitalization. USDC is another stablecoin backed by the U.S. dollar. It was launched in 2018 by Coinbase and Circle. These are centralized stablecoins, which means the stablecoin is held by an entity or exchange. In the case of USDC, this stablecoin is managed by Circle and Coinbase.

One of the risks with stablecoins that have a central authority is trusting that they can maintain their supply of dollars equal to the supply of stablecoins. This can be seen as going against the concept of decentralization.

“With a centralized third party, the organization that created the stablecoin entity, you have to trust that they have the corresponding dollars they issued the stablecoins for,” says Mike Scanlan, co-founder and chief technology officer at CoinMover, a cryptocurrency ATM operator.

The concern is the third-party entity shaping the value of the stablecoin, Scanlan says.

Crypto-Backed Stablecoins

DAI is a decentralized, crypto-backed stablecoin. Maker, a smart contract platform built on the Ethereum network, backs and stabilizes the value of DAI through a dynamic system of collateralized debt positions, autonomous feedback mechanisms and appropriately incentivized external actors, according to a whitepaper from the Maker team.

This digital asset’s goal is to try to keep its value respective to the U.S. dollar and is maintained on the Ethereum blockchain network. This is done by allowing people to use their Ethereum assets to generate DAI on the Maker platform without an intermediary. This means anyone can help maintain the blockchain, which is not controlled by any one single person or entity.

Commodity-Backed Stablecoins

These stablecoins are backed by precious metals such as gold or oil. Some of the most well-known stablecoins in this category are Tether Gold and Paxos Gold. Commodity-collateralized stablecoins are more susceptible to price movements, but since commodities should increase in value over the long run, investors can buy and hold this asset for capital appreciation.

How to Use Stablecoins

One of the chief ways to use stablecoins is for quick and cheap payments or money transfers on a global scale. Stablecoins provide a fast way to transfer deposits or withdrawals between fiat currencies to cryptocurrency exchanges.

“One of the most powerful uses of stablecoins is payments,” says Nemil Dalal, head of crypto at Coinbase.

With stablecoins, Dalal says, users can send money anywhere in the world in a matter of seconds. Given that they’re a stable currency, stablecoins provide an easy payment flow, making it simple for businesses to securely send money to their employees.

When crypto users observe major price movements, they could move their money to stablecoins and wait for the market to stabilize. “When cryptocurrencies are down, people generally seem to buy stablecoins and use them to get out of the volatility,” Dalal says.

As volatility-shy investors wait for the markets to calm, they can keep purchasing stablecoins with fiat money, and that value will not change until they want to move it into Bitcoin or other cryptocurrencies.

Another advantage of stablecoins is the ease of use across cryptocurrency exchanges. “They are highly liquid and tradable, making them easy to exchange into other cryptocurrencies or fiat currencies if desired,” Lowe says.

It’s not easy to transfer cash in and out of cryptocurrencies. Even if you place a sell order, it can take days for the withdrawal to finalize. But if you convert your money to stablecoin, you maintain its value.

How to Make Money With Stablecoins

To make money with stablecoins, you can:

Earn interest on your stablecoins.

Lend your stablecoins.

Stake your stablecoins.

Holding your money in stablecoins on a cryptocurrency exchange is a low-risk way to make money by earning interest on stablecoin balances.

“Due to being an important reserve of capital and high liquidity, exchanges and lending groups in the community often will pay significant interest rates to hold or lend stablecoins,” Lowe says.

Earn interest on your stablecoins. This can be done by simply opening an account with a cryptocurrency exchange and accruing daily interest on your holdings. Many of these exchanges have no minimum balances and few fees.

Investing in a stablecoin backed by a precious metal such as gold, for example, is similar to investing in gold. If the value of gold increases, the value of the commodity-backed stablecoin increases as a result.

“It has some similarities to buying a gold (exchange-traded fund) on Wall Street,” Dalal says. It’s just a different way to get exposure to the commodity.

But this scenario doesn’t hold true for a fiat-backed stablecoin. Fiat currencies such as the U.S. dollar or euro are meant to have a steady value and not fluctuate in price. In this case, a stablecoin pegged to a fiat currency will likely not change in value over time.

Lend your stablecoins. Another way to earn money through stablecoins is by lending them out to borrowers.

“Crypto lending is an alternative investment form where investors lend fiat money or cryptocurrencies to other borrowers in exchange for interest payments,” says Tom Pageler, CEO at Prime Trust, a blockchain-driven trust company that provides fintech innovators with financial infrastructure solutions.

Pageler says the rate of return can range from 5% to 12% annual percentage yield, and the yield tends to be paid out in the coin you lent out. “If you lend BTC, you are getting your yield in BTC,” says Pageler, referring to Bitcoin.

Stake your stablecoins. You can also earn money through a process called staking. Staking involves participating in maintaining the flow of the blockchain network on a certain asset. In return, you are compensated by earning income from the network. With staking, Pageler says you are “locking cryptocurrencies to receive rewards.”

The staking process is similar to depositing money in a savings account or money market account, Pageler says.

“These could be rewards of coins/tokens in a particular blockchain or in the stablecoin that you are staking,” he says.