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The effectiveness of capital controls may be weakened, or weakened further; BIS warns that stablecoins pose a “digital dollarization” risk to emerging markets

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Odaily Planet Daily news: Researchers at the Bank for International Settlements (BIS) found that USD stablecoins are forming a new form of “digital dollarization,” showing almost no sensitivity to capital controls in emerging markets. They say that governments face greater difficulty controlling such assets than traditional foreign-currency deposits. The researchers analyzed data on foreign-currency deposits and inflows of USD stablecoins across more than 130 economies, finding that both increase during periods of macroeconomic stress. However, stablecoin flows show little to no reaction to capital controls or foreign-exchange restrictions, possibly because they are “partly outside the regulatory perimeter.” BIS said stablecoins may weaken monetary sovereignty, and policymakers need to use new tools to address financial stability risks.
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