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Stablecoins and foreign exchange are opposed to banking business and investors need to take immediate action to create digital assets, former Benoît Coeuré said in a statement on Friday.
The comments by Coeuré, a senior member of the Bank for International Settlements and a former member of the European Central Bank, show the growing number of financial executives on the rise of cryptocurrencies and other digital assets.
Coeuré said all financial institutions and financial institutions – the digital marketplace – pose a threat to savings and representation institutions such as banks. Central banks and auditors are now facing urgent questions on how to respond, the Eurofi conference said.
“[Central banks] they have a job to do – provide price stability and economic stability – and they need to have the skills to do that, “Coeuré said in a statement. Central bank digital currency: the future begins today. “[They] I need to take action right now – I’m taking action now. ”
Coeuré, who heads the BIS’s central banking research, urged policymakers to respond more quickly to the threat of money laundering and to accelerate their work on digital resources by national policy makers, otherwise they face a major role in economic activity.
“It’s too late for central banks to go,” Coeuré said. “Central bank finances can take years to establish, while coins and cryptoassets are already in place. This makes the start-up a very important issue.”
He also said that central banks and regulators should consider how banks would operate in the event of a central bank balance and the role of digital security protectors, as well as the implications for innovation.
Coeuré said central banks see financial companies as part of a new, digital payment system. “But make no mistake: the global currency, the DeFi platforms and the big modern corporations are criticizing the types of banks regardless,” he said.
Central banks are slow to respond to bitcoin and other cryptocurrencies, in contrast to emerging financial policy makers where projections for central bank financing are at the forefront.
In China, the digital version of the renminbi has already been tested and will be held at the upcoming Winter Olympics in Beijing as part of a state-of-the-art test among central cryptocurrencies.
In contrast, the ECB set up a research unit for the euro digital project in July this year and the largest bank in the US has not decided whether to move forward with the world’s first-held digital currency.