BIS Dey Warn Say Stablecoins Dey Threat Monetary Sovereignty, Dem Propose Unified Ledger

Di Bank for International Settlements (BIS) annual report tok sey say stablecoins no dey do core money work dem—singleness, elasticity and integrity—wey dey make monetary sovereignty weak and fit cause financial wahala. E tok say transparency get problem, capital fit run from emerging markets and danger dey if dem fire sell backing assets; e use 2022 TerraUSD (UST) and LUNA gbege as example. BIS Economic Adviser Hyun Song Shin compare stablecoins to 19th-century private banknotes wey get wahala exchange rates and no central bank settlement. Deputy GM Andrea Maechler question how dem dey hide reserve-asset matter. To solve dis kynd wahala, BIS talk say una suppose do strict regulation and create tokenized “unified ledger” wey go join central bank reserves, commercial deposits and government bonds. Meanwhile, Bank of Korea talk say make dem slow down and manage how dem go take adopt stablecoin inside the country.