Stablecoins: framing the debate
· Pablo Hernández de Cos, General Manager of the Bank for International Settlements (International)
Summary written by Dark Majestic in its own words · topics: payments, digital money and crypto-assets
PH · Pablo Hernández de Cos Wiki · Bank for International Settlements WikiStablecoins: framing the debateContextSeminar given by the BIS General Manager at the Bank of Japan in Tokyo, ten years after the creation of its FinTech Center.
Why it mattersDelivered in Tokyo, this BIS speech lays out the full case of risks and costs around stablecoins.
Problems raised- Stablecoins raise financial integrity risks.
- They can enable regulatory circumvention and dollarisation.
- Divergent national rules could fragment markets.
Solutions proposed- Anchor the monetary system in central bank money.
- Coordinate stablecoin regulation across jurisdictions.
- Compare the full costs of stablecoin payments, including on- and off-ramps.
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