BIS policymaker: “DeFi platforms and big tech firms will challenge banks’ models”.

Stablecoins and decentralised finance will challenge banks’ business models and monetary authorities must act more quickly to develop official digital assets, senior policymaker Benoît Coeuré said in a speech on September 10th.

“The time has passed for central banks to get going,” Coeuré said. “Central bank digital currencies will take years to be rolled out, while stablecoins and cryptoassets are already here. This makes it even more urgent to start. Coeuré added central banks view traditional financial firms as part of the new, digital currency payments infrastructure. “But make no mistake: global stablecoins, DeFi platforms and big tech firms will challenge banks’ models regardless,” he said.

Source: FT.com