Investigating the impact of global stablecoins
Oct 18, 2019
On October 18, 2019, the Bank for International Settlements (BIS) released a report by the G7 Working Group on Stablecoins on how recently a number of stablecoin initiatives have emerged, some sponsored by large technology or financial firms.
Stablecoins, which have many of the features of earlier cryptocurrencies but seek to stabilize the price of the "coin" by linking its value to that of a pool of assets, have the potential to contribute to the development of more efficient global payment arrangements.
The report lays out initial recommendations for both private sector stablecoin developers and public sector authorities to address the challenges and risks. Finally, the report suggests that authorities could develop road maps for improving the efficiency and lowering the cost of payments and financial services.
Review the press release and report on the BIS' website.
