at least according to the financial regulator Bank for International Settlements (@BIS_org) per their 2022 annual economic report.
what's their vision of "the future monetary system"?
⬇️
2/ refresher on the central bank mandate
• issue central bank money (M0), serving as the unit of account
• provide the means for the ultimate finality of payments through its balance sheet
• safeguard the integrity of the payment system (regulation, supervision, oversight)
3/ "The future monetary system should meld new technological capabilities with a superior representation of central bank money at its core." (p. 90)
1/ a key global financial regulator, the bank for international settlements @BIS_org, just pre-released a section of the 2022 annual economic report on "the future monetary system".
i read the 42 pages for you.
here are the most interesting quotes from a crypto perspective:
2/ "The implosion of the TerraUSD stablecoin and the collapse of its twin coin Luna have underscored the weakness of a system that is sustained by selling coins for speculation." (p. 76)
3/ " (...) the crypto universe lacks a nominal anchor, which it tries to import, imperfectly, through stablecoins." (p. 76)