Virtual Panel via Toronto Centre (Apr 17): Using Stable Coins to Facilitate Financial Stability and Inclusion Under Unprecedented Times

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The Toronto Centre | Apr 13, 2020

The Toronto Centre Webinar Supervising the new normal - Virtual Panel via Toronto Centre (Apr 17): Using Stable Coins to Facilitate Financial Stability and Inclusion Under Unprecedented TimesThis session is designed for financial sector regulators and supervisors, central bankers, officials from ministries of finance, the IMF and the World Bank, international development agencies, non-governmental organizations, and the private sector.

Technological innovation is transforming the provision of financial services and products. Payment services have seen significant change in recent years through the introduction of new payment methods, platforms, and interfaces. Above all, cross-border payments remain slow, expensive, and opaque, especially for retail payments such as remittances. Moreover, there are 1.7 billion people globally who are “unbanked.” Given the innovative potential of the underlying technology, crypto assets were originally envisioned to address some of these challenges. However, to date, they have suffered from several limitations, not least severe price volatility. Stablecoins have many of the features of crypto assets but seek to stabilize the price of the “coin” by linking its value to that of a pool of assets. Therefore, stablecoins might be more capable of serving as a means of payment and store of value, and they could potentially contribute to the development of global payment arrangements that are faster, cheaper, and more inclusive than present arrangements.

See:  A new stablecoin pegged to the Canadian dollar may help digitize the North American nation’s financial markets

Stablecoins also present some potential challenges and risks for public policy, supervision, and regulation, including legal certainty, sound governance, anti-money laundering and countering the financing of terrorism (AML/CFT) compliance, operational resilience (including for cyber security), consumer/investor and data protection, and tax compliance.

Topic:  COVID-19: Supervising the New Normal
Date / Time: 
Apr 17, 2020 10:00 AM in Eastern Time (US and Canada)
PANELISTS
• CEYLA PAZARBASIOGLU - Vice President for Equitable Growth, Finance and Institutions, the World Bank Group.
• TOBIAS ADRIAN - Financial Counselor and Director of the Monetary and Capital Markets Department, IMF.
• DIETRICH DOMANSKI - Secretary General, Financial Stability Board (FSB)
• ROSS LECKOW - Senior Adviser Fintech - Strategy and Legal, the BIS Innovation Hub.MODERATOR
• ADITYA NARAIN - Deputy Director, Monetary and Capital Markets Department, IMF; Board Member Toronto Centre.

NCFA Jan 2018 resize - Virtual Panel via Toronto Centre (Apr 17): Using Stable Coins to Facilitate Financial Stability and Inclusion Under Unprecedented Times The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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