The past 18 months have seen turmoil in the crytpo market, including the failure of TerraUSD, an unbacked stablecoin, in May 2022, the collapse of crytpo exchange FTX in November and the bankruptcy of banks such as Silicon Valley Bank and Signature Bank, which serviced crypto providers.

The benefits would hinge on how such private companies issuing digital assets are regulated

Some experts and central bankers point to regulation as the way forward. And supervising stablecoins and crypto exchanges would be a much easier affair than exercising controls over individual financial crypto products.

The Bank of Canada, the Bank of England, the Bank of Japan, the European Central Bank, the Sveriges Riksbank and the Swiss National Bank, together with the Bank for International Settlements (BIS), have created a group to share experiences as they assess the potential case for central bank digital currency (CBDC) in their home jurisdictions. (Press release, 21 January 2020)

Christian Noyer believes projects available to consumers are a way off yet

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