1/ ANOTHER STABLECOIN SPEECH by ex-BOE/BOC head Mark Carney--he was surprisingly direct:
* #stablecoins shld have access to central bank's balance sheet;
* "existing bank-based payment rails are expensive, even if those costs aren't visible to consumers"
bis.org/events/acrocke…
* #stablecoins shld have access to central bank's balance sheet;
* "existing bank-based payment rails are expensive, even if those costs aren't visible to consumers"
bis.org/events/acrocke…
2/
* "banks are a means to an end, not ends in themselves, & they'll have to adapt to a much more competitive environment" [WOW, SPICY]
* "any systemic pymt system must be overseen by a central bank & have final settlement option in public money"
* "banks are a means to an end, not ends in themselves, & they'll have to adapt to a much more competitive environment" [WOW, SPICY]
* "any systemic pymt system must be overseen by a central bank & have final settlement option in public money"
3/
* "regulatory model for #stablecoins must offer equivalent protections to commercial bank money" to include:
-legal claim paid in fiat upon demand
-capital rqmts
-liquidity rqmts
-central bank access terms
-backstop if failure
* "regulatory model for #stablecoins must offer equivalent protections to commercial bank money" to include:
-legal claim paid in fiat upon demand
-capital rqmts
-liquidity rqmts
-central bank access terms
-backstop if failure
4/ * "I'd suggest that authorities shld be humble abt how much risk to accept in private systemic #stablecoins--they shld learn from their inability to oversee money mkt funds thru stress. There've been two systemic crises in money funds in little more than a decade" [WOW, SPICY]
5/ He then advocated for a CBDC & a multilateral central bank liquidity facility (vs central bank currency swaps).🤦♀️
But it was surprisingly balanced speech that criticized incumbent banks + hi-cost incumbent payment systems & their protected tech providers. Surprisingly direct
But it was surprisingly balanced speech that criticized incumbent banks + hi-cost incumbent payment systems & their protected tech providers. Surprisingly direct
• • •
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