日韩精品久久一区二区三区_亚洲色图p_亚洲综合在线最大成人_国产中出在线观看_日韩免费_亚洲综合在线一区

Global EditionASIA 中文雙語Fran?ais
Business
Home / Business / Finance

Experts urge policymakers to consider potential gains against the risks

By Chen Jia | China Daily | Updated: 2019-11-28 09:00
Share
Share - WeChat
Potential risks must be addressed before any type of new digital currency is introduced to the public. [Photo/VCG]

When a new technology emerges, there is a consensus among regulators that any gains must be weighed against the risks, and such an argument can be made for "stablecoins", an innovative type of cryptocurrency.

Experts said that with the potential for widespread use of stablecoins globally, policymakers have a responsibility to complement and clarify legal and regulatory requirements, and to promote improvements in existing payment systems.

Chinese central bank officials, aware of the rise of stablecoins, have said that potential risks must be addressed before any type of new digital currency is introduced to the public.

Mu Changchun, director-general of the Institute of Digital Currency, which is responsible to the People's Bank of China, the central bank, said recently that the use of stablecoins globally is still at an early stage, because the design framework is uncertain and there is insufficient information available to assess the potential risks.

As legal, regulatory and risk-management issues have still to be resolved, now is not the time to issue stablecoins globally, Mu said.

The status of the yuan, which cannot be used freely around the world, may be "eroded" by the global use of stablecoins, he added.

Li Haitao, deputy dean of the Cheung Kong Graduate School of Business, said that if there is a lack of independence in monetary policy and no discipline in monetary supply, monetary sovereignty will eventually face challenges, and fiat money issued by some governments may also be abandoned by those holding it.

Such a situation, if it happens, would be akin to that seen in some emerging markets that have experienced hyperinflation and a sharp devaluation of their currencies, Li said.

Fiat money refers to that which a government declares to be legal tender.

The issue has been discussed broadly among analysts, who fear that if stablecoins issued by different providers are not interoperable, only the strongest suppliers will survive.

Tobias Adrian, financial counselor and director of the Monetary and Capital Markets Department at the International Monetary Fund, said: "The fat cats will eat the nimble, and potentially more innovative, mice. That is the main reason that global social media and digital economy giants have the competitive power to issue stablecoins, driven by the effects of their strong international networks, which can allow the new payment services to spread rapidly."

The IMF is concerned about this issue, as countries may lose monetary policy control when a strong digital currency spreads globally, and as financial systems become more exposed to exchange rate shocks.

According to a report from the G7 nations, the only way forward is action and cooperation among policymakers and across borders to harness innovation so it is fair, safe, efficient and dynamic. This would require authorities to coordinate across agencies, sectors and jurisdictions to support responsible innovation in payments while ensuring a globally consistent response to mitigating risk.

The report predicted that for retail users, stablecoins with a fixed exchange rate appear to be "plausible" in the future.

"It will be important for authorities to examine what legal status should be granted to relevant legal entities, within their respective regulatory frameworks, upon fully understanding the details of the roles such entities play within the global stablecoins ecosystem," it said.

Li, from the Cheung Kong Graduate School of Business, said: "The rise of digital currency is a wakeup call for central banks around the world. The era of 'competitive currency issuance' proposed by (Austrian-British economist) Friedrich Hayek may have arrived."

Liu Yan, assistant general counsel at the IMF, said digital currencies are largely untested and pose significant risks to financial stability and integrity, consumer protection, and privacy. "Other risks - to monetary policy, competition and the international monetary system - must be monitored as adoption grows."

In July, G7 finance ministers and central bank governors agreed that stablecoins raise serious regulatory and systemic concerns. The G7 report said that no global stablecoin project should begin operations until the legal, regulatory and oversight challenges and risks that have been outlined have been adequately addressed.

Top
BACK TO THE TOP
English
Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263

Registration Number: 130349
FOLLOW US
CLOSE
 
主站蜘蛛池模板: 欧美日韩无线码免费播放 | 久久大香香蕉国产免费网站 | 高清性| 欧美一区在线观看视频 | 色综合a| 先锋资源站| 欧美巨尻| 香蕉成人国产精品免费看网站 | 在线欧美| 欧美精品一级 | 成人爽A毛片免费啪啪 | 成人av一区二区三区 | 91香蕉视频导航 | 天天干天天干 | 免费看搡女人无遮挡的视频 | 请吃饭的姐姐 | 日韩欧美精品综合一区二区三区 | 一个色综合网站 | 夜夜骚| 99热这里有免费国内精品 | 国产精品1区2区3区 亚洲国产aⅴ成人精品无吗 | 成人免费黄色 | 国产激情91久久精品导航 | 日韩国产 | 国内精品一区二区 | 爱色av | 免费高清伧理片午夜伧理片 | 99精品在线观看 | 欧美骚视频| 欧美综合自拍亚洲综合百度 | 污污的网站免费在线观看 | 少妇特黄A片一区二区三区免费看 | 青青草最新网址 | 深夜激情视频 | 国产精品久久久久久久免费 | 午夜九九九 | 国产一区二区三区福利 | 欧美片第一页 | 一级黄色毛片子 | 欧美在线看 | 麻豆精品在线观看 |