The Director of the Innovation Center at the Bank for International Settlements said that stablecoins that fall outside of central bank-focused financial systems could “disassemble” the monetary system.
Benoît Coeuré, international money transfers “faster and lower cost” making and “deepening financial participation” He explained that stablecoins also carry significant risks.
Speaking at the conference in Geneva on Thursday, Coeuré said in particular by big tech companies about the developed global stablecoin systems, “These; separating the monetary system into pieces by receiving large volumes of transactions (shares) from the system in which central banks are located, closed ecosystems can create.” said.
Referring to a consultation paper released this week, Coeuré argued against currently implemented international standards for payment, clearing and settlement systems of stablecoin systems. may be subjected told.
In the document published by the Payments and Market Infrastructures Committee and the International Organization of Securities Commissions, recommendations were made on how stablecoin systems could be evaluated in line with the Principles on Financial Market Infrastructures.
Digital money call to central banks
Closed ecosystems; Stating that it may pose a threat to consumers’ privacy and regulation, the Innovation Center Manager said that central banks digital central bank money (CBDC) urged to protect the public interest through
“A well-designed digital central bank coin; It can be a secure payment instrument and consensus entity, serving as a common platform around which a new payment technologies ecosystem can emerge.”
The Bank for International Settlements is today in relation to the CBDC. Africa, Asia, Europe and in the Middle East It conducts a total of six concept or prototype studies with ten different central banks.
The Innovation Center Manager explained that “new projects will be added” to these.