The global market for fiat-referenced crypto assets increased 30-fold between the beginning of 2020 and mid-2022. The top three fiat-referenced crypto assets currently control 90% of the total fiat-referenced crypto asset market. The Canadian central bank on 20 December issued an analytic note on fiat-referenced crypto assets, also known as stablecoins. The note mentions its […]
The global market for fiat-referenced crypto assets increased 30-fold between the beginning of 2020 and mid-2022.
The note mentions its authors supporting additional regulation for crypto assets, as well as a review of mechanisms for creating and distributing stablecoins. It also includes a list of possible risks and benefits. These crypto assets could bring efficiencies and greater competition to payment services, especially in a more digitalized economy. However, they could pose significant risks to the financial system’s stability without safeguards.
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