Across the globe, central banks did a great job pin protecting Western economies from the worst impacts of the 'Great Financial Crisis' and, a decade later, Covid. The bubble now has burst and even the more respectable end of the crypto market – stablecoin with a dollar peg – is in deep trouble. The withdrawal of monetary largesse by the world's central banks is having dramatic consequences. There may well be some useful fallout from the crypto craze, including widespread use of the blockchain digital ledger. There is also recognition by central banks that officially-backed crypto may be a better way to conduct monetary operations as cash becomes unfashionable.

Source: Daily Mail May 14, 2022 18:32 UTC