How Facebook & Telegram Are Impacting Regulators With Their Crypto Projects
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One of the founding partners at Pantera capital and the CEO of Orchid (OXT), Dr. Steven Waterhouse has said that the government of the United States will not allow for private enterprises to challenge the power of the dollar.
Speaking in an interview, the Dr said that the United States government looks at cryptocurrencies in a way that it could threaten the authority the dollar has over the world. As many companies issue their own assets in the digital world with hundreds of millions of users all around the world, you can understand the fear.
“The idea that some random startups are going to build their own stablecoins, perhaps with hundreds of millions of installs of a messenger client, whether it's Facebook or Telegram or someone else, potentially challenge the sort of central bank digital currency or existing central bank currencies? That's got to be triggering for regulators. So I think that's why we've seen such a strong reaction to both Facebook Libra and also Telegram.”
Stablecoins such as the one being developed by Facebook has been seen as a big threat to Fiat currency in general.
Waterhouse went on to discuss the recent comments made by the sound of telegram, Pavel Durov. Durov called the United States a police state and discouraged all entrepreneurs and businessmen from Eastern Europe to travel to Silicon Valley and start-up their tech companies. He further said that this was the first time in two decades that he’d heard someone with this opinion.
“The only time in 20 odd years of living in San Francisco and being based and having a strong network in Silicon Valley. That's [the first time] that anyone's ever said to me that this is not the best place to start a company or build a company.”