{"id":567519,"date":"2020-01-26T03:57:37","date_gmt":"2020-01-26T03:57:37","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2020\/01\/26\/stablecoins-probably-arent-the-answer-to-financial-inclusion\/"},"modified":"2020-01-26T03:57:37","modified_gmt":"2020-01-26T03:57:37","slug":"stablecoins-probably-arent-the-answer-to-financial-inclusion","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2020\/01\/26\/stablecoins-probably-arent-the-answer-to-financial-inclusion\/","title":{"rendered":"Stablecoins probably aren\u2019t the answer to financial inclusion"},"content":{"rendered":"

<\/a> Here\u2019s why Libra and \u2018stablecoins\u2019 probably aren\u2019t the answer to financial<\/strong> inclusion: <\/strong>The noise from the Libra hype train has been noticeably quiet these past few months. Having emerged last year with a swashbuckling raison d\u2019etre to overturn the global financial system as we know it, successive beatdowns from regulators in large economies seem to have put a cap in its grandiose ambitions for now. What\u2019s more, as three financial experts at the World Bank and Bank of International Settlements highlight in this VoxEU<\/a> piece, the problems inherent with scaling up a stablecoin system are only magnified in emerging markets and developing economies (EMDEs), meaning their usefulness to increasing financial inclusion will likely be negligible.<\/p>\n

Part of this is due to resource constraints in EMDEs:<\/strong> Countries, especially those with populations living over very large, remote areas, will face uphill battles trying to provide widespread service coverage: whether that be ensuring everyone has adequate phones and internet connectivity to use stablecoin systems, or that users have a physical agent in reach to convert their digital currency into local notes. Then there\u2019s the issues of security, privacy and regulation. Fears that even advanced economies would be unable to prevent stablecoins being used for nefarious purposes has been one of the prominent arguments against projects like Libra taking root. And EMDEs, which tend to have weaker regulators and supervisory capacity, would likely find these challenges even harder to surmount.<\/p>\n

An influx of stablecoins probably wouldn\u2019t be good for EMDE financial systems:<\/strong> The monetary policies of the currencies that back the stablecoin would effectively be exported to EMDEs as its use proliferates. \u201c\u2018Stablecoin-isation\u2019 could mean less effective monetary transmission and, in the extreme, countries that face shocks \u2013 political, economic or financial \u2013 could face deposit outflows from banks and capital flight,\u201d they write. This would be even more disruptive in EMDEs, which are more susceptible to liquidity shocks given their thin interbank and FX markets.<\/p>\n

Stablecoins probably don\u2019t have a future in their current iteration,<\/strong> but they have nonetheless highlighted the challenges of increasing financial inclusion and building accessible and secure international payment systems, the report says. Instead we\u2019re likely to see an acceleration towards digital currencies issued and controlled by central banks, although this model too will encounter challenges. All eyes on China in the coming months.<\/p>\n","protected":false},"excerpt":{"rendered":"

Here\u2019s why Libra and \u2018stablecoins\u2019 probably aren\u2019t the answer to financial inclusion: The noise from the Libra hype train has been noticeably quiet these past few months. Having emerged last year with a swashbuckling raison d\u2019etre to overturn the global financial system as we know it, successive beatdowns from regulators in large economies seem to […]<\/p>\n","protected":false},"author":1,"featured_media":567520,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[9272],"tags":[344,380,115,72,647,290,1510],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-567519","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-macro-picture","tag-cryptocurrency","tag-currencies","tag-emerging-markets","tag-enterpriseam","tag-facebook","tag-financial-inclusion","tag-the-macro-picture","wpautop","entry"],"acf":{"mongo_id":"df189274-a2c5-4b93-8104-bcd005b37131","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2020\/1\/694.jpg","photo_position":"above","related_issue":[567498],"teaser":"","voice_url":""},"yoast_head":"\nStablecoins probably aren\u2019t the answer to financial inclusion - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2020\/01\/26\/stablecoins-probably-arent-the-answer-to-financial-inclusion\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Stablecoins probably aren\u2019t the answer to financial inclusion\" \/>\n<meta property=\"og:description\" content=\"Here\u2019s why Libra and \u2018stablecoins\u2019 probably aren\u2019t the answer to financial inclusion: The noise from the Libra hype train has been noticeably quiet these past few months. 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What Libra is proposing is potentially revolutionary: a global cryptocurrency capable of\u2026","rel":"","context":"In "Worth reading"","block_context":{"text":"Worth reading","link":"https:\/\/enterpriseam.com\/egypt\/category\/lifestyle\/worth-reading\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/1\/700.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":554396,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/12\/05\/next-gen-fintech-players-in-emerging-markets-are-giving-the-old-guard-a-run-for-their-money\/","url_meta":{"origin":567519,"position":1},"title":"Next-gen fintech players in emerging markets are giving the old guard a run for their money","author":"enterpriseam admin","date":"5 December 2021","format":false,"excerpt":"The global digital payments race is heating up: Up-and-coming fintech firms in emerging markets are beginning to outpace Western financial companies who for years have controlled payment markets around the world, the Financial Times reported. Payment technologies such as mobile wallets, scannable QR codes, and smartphone software for contactless transactions\u2026","rel":"","context":"In "THE MACRO PICTURE"","block_context":{"text":"THE MACRO PICTURE","link":"https:\/\/enterpriseam.com\/egypt\/category\/the-macro-picture\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/12\/579.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":556655,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/10\/06\/imf-says-em-policymakers-should-act-to-mitigate-risk-amid-global-cryptocurrency-boom\/","url_meta":{"origin":567519,"position":2},"title":"IMF says EM policymakers should act to mitigate risk amid global cryptocurrency boom","author":"enterpriseam admin","date":"6 October 2021","format":false,"excerpt":"The IMF is urging emerging-market policymakers to get a grip on cryptocurrencies, as miners, exchanges, wallets and stablecoin issuers crowd into the unregulated, Wild-West-style ecosystem that has sprung up around the digital gold rush. The latest chapter of the International Monetary Fund\u2019s (IMF) Global Financial Stability Report (pdf) acknowledges that\u2026","rel":"","context":"In "THE MACRO PICTURE"","block_context":{"text":"THE MACRO PICTURE","link":"https:\/\/enterpriseam.com\/egypt\/category\/the-macro-picture\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/10\/367.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":565098,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/17\/passive-investors-arent-checking-for-ems-right-now\/","url_meta":{"origin":567519,"position":3},"title":"Passive investors aren\u2019t checking for EMs right now","author":"enterpriseam admin","date":"17 March 2021","format":false,"excerpt":"Emerging market bonds are suffering a crisis of visibility, leaving potential passive investors in the dark and intensifying outflow risk by concentrating investment in a small portion of available equities, according to the Financial Times. Despite the fact that asset managers have been unanimous in their praise and bullish outlook\u2026","rel":"","context":"In "THE MACRO PICTURE"","block_context":{"text":"THE MACRO PICTURE","link":"https:\/\/enterpriseam.com\/egypt\/category\/the-macro-picture\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/3\/500.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":572976,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/07\/15\/why-we-now-need-to-be-talking-more-about-ems\/","url_meta":{"origin":567519,"position":4},"title":"Why we now need to be talking more about EMs","author":"enterpriseam admin","date":"15 July 2020","format":false,"excerpt":"Why we now need to be talking more about EMs: Middle-income economies that stand halfway between the world\u2019s richest and poorest \u201care uniquely vulnerable in the pandemic.\u201d Despite this, those countries have largely been absent from the global narrative about the extraordinary steps needed to shield the global economy from\u2026","rel":"","context":"In "THE MACRO PICTURE"","block_context":{"text":"THE MACRO PICTURE","link":"https:\/\/enterpriseam.com\/egypt\/category\/the-macro-picture\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/7\/115.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":595085,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/09\/16\/africa-leads-in-mobile-money-payments\/","url_meta":{"origin":567519,"position":5},"title":"Africa leads in mobile money payments","author":"enterpriseam admin","date":"16 September 2019","format":false,"excerpt":"Africa is a global leader in mobile money payments: The region has become the global leader in mobile money innovation, adoption, and usage in the last ten years, according to the IMF, with almost 10% of GDP in transactions generated through mobile payments, compared to 7% of GDP in Asia\u2026","rel":"","context":"In "THE MACRO PICTURE"","block_context":{"text":"THE MACRO PICTURE","link":"https:\/\/enterpriseam.com\/egypt\/category\/the-macro-picture\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2019\/9\/2687.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/567519","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=567519"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/567519\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/567498"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/567520"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=567519"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=567519"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=567519"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=567519"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=567519"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}