Sandali Handagama is CoinDesk's deputy managing editor for policy and regulations, EMEA. She does not own any crypto.
Even fully regulated stablecoins may not have a positive impact on cross-border payments, according to a report by standard setter CPMI.
Challenges including coordination, competition, network scale and inadequate regulation, could outstrip any benefits, the report said.The Committee on Payment and Market Infrastructures , which sets norms for the sector for the Bank for International Settlements, said stablecoins could"open up opportunities" for cross-border transfers by speeding up transactions and lowering costs, as proponents claim, but potential drawbacks would probably outweigh the benefits.
"The challenges could include coordination, competition, network scale and market structure, and the lack of internationally consistent and effective regulation, supervision and oversight," the report said.in May 2022 with catastrophic consequences for the crypto world.
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