While I hope to convince you that this path is worth exploring, I cannot say that I know yet exactly where it will lead – and, in particular, whether it will ultimately deliver monetary policy prescriptions that differ in a quantitatively meaningful way from those offered by our current models.
This is an issue that can potentially affect every country in the world. We have already begun work to identify which regulations exist that apply to stablecoins in our jurisdictions, and once that assessment is complete, we will report to the G20 on any appropriate actions that need to be taken to ensure that financial stability is not negatively affected by their introduction.