William Coen recently left his job as Secretary General of the Basel Committee on Banking Supervision. In this episode of BISness, he looks back at his years at the helm of the global standard setter for the prudential regulation of banks.
----------------------------------------------------------------------------------------------
"Within many countries, existing payment systems generally provide for accessible, safe and efficient retail payments for consumers. Nevertheless, access to payment services needs to improve in many regions, and cross-border payments ought to be faster and cheaper. New technologies have the potential to address these shortcomings and deliver greater benefits to users.
Originally envisioned as an accessible and borderless way to pay, crypto-assets have generally suffered from severe price volatility and limited capacity to process transactions compared with existing arrangements. Consequently, they function primarily as risky investments or a shadowy means to pay, and have not achieved a scale that could entail a material imprint on the payments and financial system.
The developers of the crypto-assets labelled "stablecoins" seek to reduce volatility by anchoring the "coin" to a reference asset (eg a sovereign currency) or a basket of assets. While issuance and usage of stablecoins to date have been limited, a number of new stablecoin initiatives backed by large technology companies or financial institutions could have the potential for widespread adoption."
. . . .
"Significant work by stablecoin developers and further engagement with the public and authorities will be required before they can expect approval by relevant authorities, as the above considerations can only be adequately addressed by ensuring transparency and making more detailed information available for proper assessment."
|
This definitely seems to be the agenda. PBoC is rushing to roll out its sovereign digital currency.
ReplyDeletehttp://finance.sina.com.cn/zl/china/2019-08-21/zl-ihytcern2342631.shtml