Member

I have said that a lot of my anxiety sits around the rapid expansion of digital currencies. There has been a rapid advance, whether it is the renminbi as a fiat digital currency in China or, much more recently, the growth of renminbi stablecoin, which we know will spread far beyond the Chinese boundaries and is seen in many countries as a defence against the dollarisation that comes with the US’s focus on a global stablecoin. There is also the development of the dollar stablecoin, which is not just confined to the United States but has already become a major player across the Americas and in some non-EU parts of Europe; it is changing financial norms.