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X-ORIGINAL-URL:https://events.aforeconsulting.eu/
BEGIN:VEVENT
UID:MEC-3fe78a8acf5fda99de95303940a2420c@events.aforeconsulting.eu
DTSTART:20201124T140000Z
DTEND:20201124T153000Z
DTSTAMP:20200907T132600Z
CREATED:20200907
LAST-MODIFIED:20201119
SUMMARY:Who is afraid of global stable coins?
DESCRIPTION:Efforts by global stablecoin networks to drive the next stage of payments innovation have raised a number of fundamental concerns that these networks could destabilise monetary policy, facilitate money laundering and erode user privacy to name a few fears, as well as raise fundamental questions about the appropriate role of private money.\nThe Financial Stability Board (FSB) examined regulatory issues raised by global stablecoins and recently recommended that regulation, supervision and oversight is proportionate to the risks and stressed the value of flexible, efficient, inclusive, and multi-sectoral cross-border cooperation, coordination, and information sharing arrangements among authorities. In tandem, the Council of the EU and the European Commission published a joint statement last year stating that no global stablecoin arrangement should operate in the EU until “the legal, regulatory and oversight challenges and risks have been adequately identified and addressed.”\nIn September, the European Commission started the EU process of addressing these challenges and risks through a legislative proposal to address for the regulations for markets in crypto-assets (MiCA) and on a pilot regime for market infrastructures based on distributed ledger technology as part of a broader digital finance package introduced to enable and support the potential of digital finance to boost innovation and competition, while at the same time mitigating risks stemming from it.\nWhile potential stablecoin network operators wait for the implementation of MiCA before contemplating launching, the Council and the Commission welcomed the fact that EU central banks and regulators are looking at the costs and benefits of central bank digital currencies and also welcomed the key role of European “payment actors” in exploring further the ongoing digital transformation of the payment system to meet customer and market expectations.\nThis webinar looks at what are the potential implications of the stance so far of policymakers on global stablecoin networks to enable them to launch. Although the international standard setters have delivered global recommendations and helpfully a roadmap for potential revisions, will national frameworks lead to similar approaches across jurisdictions, or will the regulatory landscape create a patchwork of countries that prohibit/permit the evolution of stablecoin networks? Does MiCA get the balance right between supporting technology and innovation to deliver payments, while mitigating potential risks? Stablecoins are by definition global, so does this mean that the EU risks stifling their development?  Or is the objective really about ensuring that the ECB has time to develop a digital euro given concerns over implications of stablecoins for monetary policy and the unease of the role of private money.\n
URL:https://events.aforeconsulting.eu/events/who-is-afraid-of-global-stable-coins/
ORGANIZER;CN=Linda Strazdina:MAILTO:Linda.Strazdina@aforeconsulting.eu
CATEGORIES:In discussion with webinar
ATTACH;FMTTYPE=image/jpeg:https://events.aforeconsulting.eu/wp-content/uploads/2020/08/aforeevent-874656348.jpg
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