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Are Stablecoins Better Than Deposit Tokens?
Tokenized
Innovate or Stagnate: The Imperative for Central Bank Evolution
The importance of central bank money in settling wholesale transactions is underscored, with a focus on the Bank of England's forward-thinking efforts to innovate this function for the economy's future. Key considerations include the potential upgrades to real-time gross settlement systems (RTGS) for compatibility with distributed ledgers and blockchains, as well as the exploration of creating wholesale Central Bank Digital Currencies (CBDCs). There is an emphasis on the necessity for regulatory bodies to modernize their technologies to effectively interact with both on-chain and off-chain data, aligning with evolving financial services. This modernization is vital for regulatory effectiveness and market participant engagement, drawing parallels between regulatory frameworks and community governance in the crypto space. The challenge lies in moving beyond legacy systems to foster an adaptable environment that encourages experimentation and innovation.
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