In a speech about central banks and public policy, Deputy Governor Sharon Donnery said that fundamental change to payments systems could come from developments such as global stablecoin initiatives.
She said that, in theory, stablecoins have the potential to make international payments cheaper and faster and could foster greater financial inclusion. However, from a stability and regulatory perspective, they raise a host of issues in respect of the operational stability of payments systems, the protection of consumers and their data, anti-money laundering and terrorism financing, and critically to financial and monetary stability.