Search results for Pablo Hernandez de Cos
Crypto
BIS says stablecoins still fall short as payment tool, tokenised deposits back in focus
The head of the Bank for International Settlements said stablecoins lack reliability as a large-scale payment method and argued tokenised deposits are a stronger option that can use tokenisation while preserving the foundations of the monetary system. He said stablecoins may struggle to serve as everyday money and warned that shifts from bank deposits could raise banks’ funding costs and lift borrowing rates. He also cited interoperability and anti-money-laundering challenges and potential risks to monetary sovereignty.
Crypto
Former BIS head who targeted stablecoins signals shift, says they should coexist with fiat money
Agustin Carstens, former general manager of the Bank for International Settlements, has eased his stance on stablecoins and publicly mentioned the possibility of their coexistence with fiat money. Speaking at the Point Zero Forum, he said stablecoins could contribute to financial innovation, inclusion and lower costs, and called for conditions enabling coexistence. Analysts say the BIS stance has not changed, as it continues to warn of trust and stability risks.
Crypto
BIS says stablecoins closer to securities than money, need regulation
The Bank for International Settlements said stablecoins have a structure closer to exchange-traded funds than to money and called for global regulatory coordination. It warned that divergent national rules could lead to market fragmentation and regulatory arbitrage. BIS officials cited rapid growth in dollar-pegged tokens, redemption frictions and price dislocations, and risks that large-scale redemptions could spread stress to broader markets. Officials also flagged possible policy impacts and debated interest payments.