The chief executive officer of Paxos; a regulated financial institution and technology company has stated that there was need for an upgrade in stablecoin status. The CEO whose name is Charles Cascarilla said that there was need for stablecoins to be regulated so that it can go beyond just being an ordinary facility for crypto to gaining acceptability.
In an interview with Bloomberg, Charles said that stablecoins need a marked way of control so that people can repose confidence in it. Regulation according to him will be the only lure for others who are not involved actively with crypto. The CEO is not ignorant of the obstacles regulations could breed especially during the formatory phase of any scheme but he still maintained that it was better to have a well-developed working structure from the beginning than a half baked doomed to failure structure.
On the issue of criminality with specificity to money laundering, Charles noted that the foremost currency employed in the act is the United States dollar. In contrast however, stablecoins according to him allowed for secure and close monitor of transactions. All things being equal, the CEO opined that stablecoins were to be handled by reserve banks in years to come but before then, a lot still needed attention as it concerns regulatory processes.
Paxos company is renowned for its efficient regulatory processes. They were granted federal charter by U.S authorities to establish a trust bank for the country. Currently, the firm is in partnership with the Bank of America for stock trades settlement.
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