The Bank for International Settlements is renewing its criticism of stablecoins, with its General Manager questioning their credibility as everyday money at a moment when governments worldwid
The Bank for International Settlements is renewing its criticism of stablecoins, with its General Manager questioning their credibility as everyday money at a moment when governments worldwide are building regulatory frameworks around the tokens.
BIS General Manager Pablo Hernández de Cos, who is also a candidate to succeed European Central Bank President Christine Lagarde next year, said stablecoins do not credibly function as a payment instrument at scale. He argued that tokenised bank deposits represent the stronger alternative, according to a Reuters report published on Friday.
