"The Global Consortium for Digital Currency Governance will aim to increase access to the financial system through innovative policy solutions that are inclusive and inter-operable Opportunities for financial inclusion will be only unlocked if the space is regulated properly and includes public-private cooperation across developed and high-growth markets."
Bank of France: stablecoins could impact EU financial sovereignty ‘for decades’ Banque de France Governor Villeroy de Galhau warned that Big Techs, capitalizing on their global market penetration, will build private financial infrastructures and monetary systems, competing with the public monetary sovereignty since they will position themselves as issuers and managers of a universal currency. Prospective central bank digital currency (CBDC) could then end up being issued at the ‘backend of a future Big Tech stablecoin. Individual jurisdictions could then respond to the overwhelming pressure of private payments assets by issuing their own CBDCs, both domestically and globally — but without sufficient coordination in the global financial community. The articulation of these multiple CBDCs with private sector initiatives would risk sidelining input from other central banks. He stressed that the European Central Bank (ECB) and the Eurosystem as a whole cannot allow itself to “lag behind on a CBDC. https://www.bis.org/review/r200911e.htm
