this post was submitted on 30 Jun 2025

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Crypto industry pushing Canada to follow U.S. lead in embracing stablecoins (www.bnnbloomberg.ca)

submitted 4 days ago by Grappling7155@lemmy.ca to c/canada@lemmy.ca

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[–] doylio@lemmy.ca 3 points 3 days ago (1 children)

I know lemmy is super anti-crypto, but digital dollars are probably inevitable, and stablecoins are vastly preferable to a CBDC

[–] twopi@lemmy.ca 1 points 1 day ago

Why?

Stablecoins are a private narket solution. While CBDCs are a genuine soverign solution.

[+] teppa@piefed.ca -26 points 4 days ago (3 children)

Let people use what they want.

[–] streetfestival@lemmy.ca 38 points 4 days ago (2 children)

Regulate society for the greatest good. Living in a playground for the ultra-wealthy is not it

[–] TheObviousSolution@lemmy.ca 4 points 4 days ago

That's whom cryptocurrency confidence games is currently serving, though. It vacuums off bad investors far more than bad markets ever could have, and leaves society to deal with the mess. Stablecoins is just another way to pass off the sort of bad debt that has led to bank rescues of the past and the fall of Lehman Brothers. You say you are tying it to currency, and then begin tying it off to bad debt obligations.

[+] teppa@piefed.ca -10 points 4 days ago (1 children)

We already do, hence the ability to choose alternative.

We buy half of all mortgage bonds in Canada to artificially depress the currency to prop up asset prices for instance, it would be nice to have competition in currency to prevent such manipulation that benefit the rich.

[–] streetfestival@lemmy.ca 12 points 4 days ago (1 children)

Crypto's the path towards a fairer society economically-speaking, good to know /s

[–] teppa@piefed.ca -3 points 4 days ago* (last edited 4 days ago)

Its not crypto, its a treasury backed digital currency. Though crypto is fine too if someone wants to hold a sovereign asset, or a digital currency backed by gold, or shares of the S&P500, anything people want to use as a medium of exchange.

Arguing we are already in a fair society where the rich arent catered to is silly to me, look at stock valuations and price to income ratios on real estate. All that currency debasement hasn't helped the poor one iota.

[–] _stranger_@lemmy.world 12 points 4 days ago

I want to use money that doesn't require an internet connection.

[–] doylio@lemmy.ca -3 points 3 days ago (1 children)

Don't worry about the downvotes bro. Lemmy has a knee jerk aversion to crypto, even though the ideals of the fediverse and the ideals of crypto are very much aligned

[–] masterofn001@lemmy.ca 2 points 3 days ago* (last edited 3 days ago) (1 children)

Ideals and reality are vastly different things.

Much like the the american dream, capitalism, etc, no matter the system, if people are able to hoard wealth, they hoard power.

Crypto does nothing to change anything except make hoarding easier since the supply is finite.

Crypto is not anonymous.(no matter how hard you believe) Crypto is not about your freedom. Crypto is not going to make the world a better place.

[–] doylio@lemmy.ca 1 points 2 days ago

Totally hear you — crypto isn’t perfect, and yeah, hoarding happens just like in any system. But that’s more a human problem than a crypto one.

Crypto is a tool, and how it is used is what matters. It can be used to speculate on ridiculous monkey JPEGs, or scam people or it can be used to send money across borders without middlemen, resist censorship, and invest without being subject to the big banks.

It’s not a silver bullet, but it does open up new possibilities that the current system just doesn’t.