Therefore, when central banks consider how and to what extent they should provide their infrastructures, they must examine whether doing so would contribute to the economy. In order for central banks to make appropriate decisions on such matters, it is extremely important to engage in sincere and constructive communication with a wide range of users.
But financial policymakers and regulators do not have a seat at the table where and when these rules are set. Blockchain-based platforms pose even more profound challenges. These are often a great deal more decentralized than traditional financial intermediaries. What is the supervised entity here? Next to the rise of platforms, another important development is stablecoins.