The Chairman of Societe Generale, Lorenzo Bini Smaghi, urges Europe to embrace stablecoins or be left behind in an opinion piece for the Financial Times. Mr Smaghi was previously a member of the Executive Board of the European Central Bank for six years.
He gave a nod to the recent report by the Bank for International Settlements that asserts that stablecoins are unsound money.
Instead, Mr Smaghi said that “stablecoins should be understood for what they are: a technological breakthrough with profound implications for the financial system. They allow for near-instant, low-cost, peer-to-peer transactions across borders, all within a decentralised infrastructure.”
Article continues …
Want the full story? Pro subscribers get complete articles, exclusive industry analysis, and early access to legislative updates that keep you ahead of the competition. Join the professionals who are choosing deeper insights over surface level news.
