ContextSpeech in Singapore at the invitation of the Monetary Authority of Singapore; the BIS serves central banks worldwide and shapes the future monetary system.
Why it mattersCarstens warns that stablecoins could fragment money.
Problems raised
Innovation in money and payments is fast.
Stablecoins could harm investors and fragment money.
The singleness of money is at risk.
Solutions proposed
Build on strong existing foundations.
Regulate stablecoins to protect users.
Develop a future monetary system with central bank money at its core.
