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Industry experts say no time to waste addressing stablecoins, CBDCs in Asia

The digitization of money is rapidly changing the way society exchanges value. Central Bank Digital Currency (CBDC) When Stablecoin project in the world.

regulators and the private sector Deal with these fast-growing technologiesit is important to remain flexible and take a globally collaborative approach to innovation while doing so as quickly as possible to tackle a rapidly changing industry, panelists said. of the forecast “Crypto Rising: CBDC & Stablecoins: The Asia Perspective” livestream event.

A CBDC is a digital currency issued by a country’s central bank, such as China’s e-CNY. The currency, also known as the digital yuan, is his CBDC project, the largest in the world, and is currently being widely trialled across the country. Stablecoins are cryptocurrencies backed by real-world assets such as the US dollar.

“What we are really excited about with the development of cryptocurrencies and stablecoins is the growing use cases. [they] Establishing itself, especially the traditional [they] Martin Pickrott, Chief Executive Officer of Marketnode and Head of Fixed Income at SGX Group, said:

“Stablecoins started out as a way for traders to move from one cryptocurrency position to another token without having to convert to fiat,” he said. “And now we are starting to think about how we can make international money transfers.”

Pickrodt added that the next step for the technology would be to move it into traditional financial markets, far beyond the scale of cryptocurrency markets, which would be “incredibly transformative”. .

In the Philippines, there is hope that stablecoins will become available Corresponds to about 70% Bangko Sentral Ng Pilipinas (BSP), the central bank of the Philippines for the adult population of the unbanked country, aims to digitize 50% of all retail payments in the country and digitize 70% of the adult population. I’m here. Formal banking system by 2023.

Melchor T. Plabasan, BSP’s director of technology risk and innovation oversight, said in a livestream that the goal was on track as of late last year. He said the central bank is working with the private sector to adopt regulations that are most fit for purpose.

“Regarding regulation, we also see that there are clear, evidence-based and nuanced regulations that are genuinely intended to minimize risk,” he said. There are also risks related to money laundering, cyber security, etc. ”

Given its enormous influence on the global economy, the United States is often a central focus for technology, finance and regulation, but he is Chief Regulatory Officer and General Counsel for the Crypto Council for Innovation and former Federal Reserve Board member. Member Linda Jeng said: , agreed that many innovations are coming from Asia.

“Here in the United States, I think we have a lot to learn from our Asian peers and the vibrant economies and businesses that are developing in the region right now,” she said.

Even though Asia is ahead in this regard, Jeng acknowledged that there is still much work to be done.

“We have a lot of work to do to welcome the digital dollar into the economy,” she said. “But ultimately, money is still a social construct and must be protected by law.”

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