According to Roubini, this new tokenized dollar would address a place where cryptocurrency can be sent to and from, in the form of a string of letters and numbers. concerns regarding currencies affected by inflation a general increase in prices and fall in the purchasing value of money. and the economic climate, and unlike major cryptocurrencies, it would be backed by real assets such as treasury bonds, gold, real estate and many other commodities.
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The more than 10 years that has been operating the ecosystem of digital digital technologies are these electronic tools that have the ability to generate, store or even process data. currencies have changed the opinion of more than one with respect to these assets, and just as there are important figures who today see great possibilities in these technologies, there are also people who have changed their perspective and now explore possibilities in the hand of Blockchain a distributed ledger system. A sequence of blocks, or units of digital information, stored consecutively in a public database. The basis for cryptocurrencies. and cryptocurrencies even if they don’t fully agree with these issues.
Such is the case of Nouriel Roubini, a reputed economist based in New York City who in the past was very skeptical towards digital currencies, who now reported that he is working on a set of tokenized assets based on Blockchain, which could act as a store of value, even having the potential to act as a substitute for the US dollar in cash.
Roubini and his team work on a new tokenized dollar
Roubini’s revelation came during an interview conducted by the news agency Bloomberg, in which he reported that his company’s team, Roubini Macro Associates is working hand in hand with Atlas Capital capital is most commonly defined as the large sum of money you would use to invest. Team The company, a Dubai-based company, is jointly developing a tokenized version of the U.S. dollar, with which they propose to address certain problems present in the economy currently affected by inflationary problems.
As Roubini indicated, this new tokenized dollar would be backed by real assets, unlike many other stablecoins that opt for algorithmic models and/or cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. reserves, indicating that the project will be ready for use by the end of this year, he added:
“We recognized that the U.S. dollar, as a reserve currency currency is a medium of exchange that defines value. could be at risk, and we are working to create a new instrument that is effectively a more resilient dollar.”
Among other details, Roubini noted in the interview that the new tokenized dollar will be backed by short-term U.S. Treasury bonds, as well as real estate, gold and other valuable assets. Thinking longer term, the final reserve package will be made up of real estate investment trusts, as well as other financial products. According to the economist, in this way the asset will be shielded against inflationary problems, highlighting its true value as a reserve asset for both individuals and entities.
Tokenized Dollar vs. more familiar assets
Al pronunciarse sobre el activo en desarrollo, tanto Robuini como el equipo de Atlas Capital highlighted the value of their proposal compared to what other cryptocurrencies with similar proposals offer, highlighting that this is far from other digital currencies whose backing is null.
In that sense, Roubini commented:
“[Most cryptocurrencies] are not even assets, as they are not backed by anything, just ‘vaporware’, and do not provide revenue or usage or other utilities; so they are purely speculative asset bubbles.”
Let’s keep in mind that Roubini has to date had a pessimistic stance towards the major cryptocurrencies, which is why he calls them derogatory and points out that their value does not conform to the more traditional principles that govern the stock markets.
Returning to the tokenized dollar, Roubini reiterates that the project aims to have a wider reach than many other similar projects, which could reach a larger number of people operating outside the traditional sector. The economist pointed out in the interview that this new asset can offer real value to people, guaranteeing greater security the term securities refers to a fungible and tradable financial instrument that carries a type of monetary value. against other local currencies.
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- IOST and COTI announce plans to launch algorithmic stablecoins that will operate over Cardano network a network refers to all nodes in the operation of a blockchain at any given moment in time.
- U.S. congressman drafts bill that would put certain stablecoins under SEC oversight
Source:TheBlockCrypto, Decrypt , Bloomberg
Version by Angel Di Matteo / DiarioBitcoin
Imagen de Unsplash
