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Global cooperation on stablecoins critically important, BIS says
The head of the Bank for International Settlements has made a renewed call for international cooperation on how stablecoins are used, describing it as vital to prevent severe market fragmentation. The central bankers’ central bank, as the BIS is known, has long raised concerns about stablecoins - a type of cryptocurrency usually pegged 1:1 to the U.S. dollar. Speaking in Japan, BIS General Manager Pablo Hernandez de Cos said the potential of stablecoins to undermine monetary and fiscal policy, cause financial market stress and hamper the fight against illicit financing, meant global coordination was of ... (full story)
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