Before outlining what we, at the Bank of Mauritius, have been doing in these areas, let me elaborate each of these elements in some finer details. Financial engineering and complexity The 2008 financial crisis demonstrated, in no ambivalent terms, that the range and scope of the banking business has become unprecedentedly multi-faceted and highly complex.
[6] Just like any other payment system or scheme, if liquidity, settlement, operational and cyber risks are not properly managed, they may threaten the functioning of stablecoin arrangements and lead to systemic instability. Large investments in safe assets by stablecoin issuers could have implications for monetary policy.