The Cyprian banks reopened on 28 March 2013 and one hopes that the authorities can sufficiently restore public and investor trust in their banking sector so that they are able to quickly lift the capital controls without contagion spreading throughout Europe, as such contagion may result in spill-over to the rest of the world.
3 See Lael Brainard, “The Digitalization of Payments and Currency: Some Issues for Consideration,” remarks at the Symposium on the Future of Payments, Stanford University, California, February 5, 2021, https://www.federalreserve.gov/newsevents/speech/brainard20200205a.htm. 1  -2reference assets, whether they allow unhosted wallets, and the extent to which a central issuer is liable for making good on redemption rights.