Benoit Coeure, Head of the Innovation Center at the Bank for International Settlements (BIS), talked about cryptoassets and DeFi. Coeure urged central banks to act quickly in these areas.
Coeure gave a speech at the Eurofi Finance Forum on Friday. The president urged central banks to act “while the current system is still in place”. Saying that stablecoins and DeFi platforms will “challenge” to bank models, Coeure said central banks “must act now and while the current system is still in place.”
Emphasizing that central banks should accelerate their work on digital currencies or CBDCs, Coeure said that central banks should maintain their ability to maintain price and financial stability:
“The time has passed for central banks to act. We must roll up our sleeves and accelerate our work on the essence of CBDC design. CBDCs will take years to roll out, stablecoins and cryptoassets are already here. That makes it even more urgent to get started.”
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