Skip navigation
Thumbnail
View
927,44 kB
Full metadata record
DC FieldValue
dc.contributor.authorArner, Douglas W.
dc.contributor.authorAuer, Raphael
dc.contributor.authorFrost, Jon
dc.date.accessioned2020-11-27T07:14:53Z
dc.date.available2020-11-27T07:14:53Z
dc.date.issued2020-11
dc.identifier.issn2605-0897 (electronic edition)
dc.identifier.urihttps://repositorio.bde.es/handle/123456789/14233
dc.descriptionArtículo de revista
dc.description.abstractThe technologies underlying money and payment systems are evolving rapidly. Both the emergence of distributed ledger technology (DLT) and rapid advances in traditional centralised systems are moving the technological horizon of money and payments. These trends are embodied in private “stablecoins”: cryptocurrencies with values tied to fiat currencies or other assets. Stablecoins – in particular potential “global stablecoins” such as Facebook’s Libra proposal – pose a range of challenges from the standpoint of financial authorities around the world. At the same time, regulatory responses to global stablecoins should take into account the potential of other stablecoin uses, such as embedding a robust monetary instrument into digital environments, especially in the context of decentralised systems. Looking forward, in such cases, one possible option from a regulatory standpoint is to embed supervisory requirements into stablecoin systems themselves, allowing for “embedded supervision”. Yet it is an open question whether central bank digital currencies (CBDCs) and other initiatives could in fact provide more effective solutions to fulfil the functions that stablecoins are meant to address.
dc.format.extent29 p.
dc.language.isoeng
dc.publisherBanco de España
dc.relation.ispartofFinancial Stability Review. Nº 39 (Autumm 2020), p. 95-123
dc.relation.hasversionOtra versión 123456789/14225
dc.rightsReconocimiento-NoComercial-CompartirIgual 4.0 Internacional (CC BY-NC-SA 4.0)
dc.rightsIn Copyright - Non Commercial Use Permitted
dc.rights.urihttps://creativecommons.org/licenses/by-nc-sa/4.0/deed.es_ES
dc.rights.urihttp://rightsstatements.org/vocab/InC-NC/1.0/
dc.subjectFintech
dc.subjectBlockchain
dc.subjectBitcoin
dc.subjectSistemas de pago
dc.titleStablecoins: risks, potential and regulation
dc.typeArtículo
dc.identifier.bdebib000470594
dc.identifier.bdepubFIER-2020-39-4
dc.subject.bdeSistemas de pago y compensación bancaria
dc.subject.bdeBancos centrales : legislación, organización y funciones
dc.subject.bdeBancos centrales : legislación, organización y funciones
dc.publisher.bdeMadrid : Banco de España, 2020
Appears in Collections:


loading