【Source】JOURNAL OF INTERNATIONAL ECONOMIC LAW
【Abstract】Stablecoins is a blockchain-driven innovation and a new subset of crypto assets. Even though they could transform how payments are made, regulators paid little attention to them until recently. The announcement of the Libra project in 2019 elevated stablecoins to the top of the regulatory agenda. Libra's global scale and its capacity to reach billions of potential users through a user-centric social network platform that is already seamlessly integrated within the lives of the global population and the potential impact of a global yet fast and cheap payment solution raised many issues and concerns among authorities related to not only financial stability, monetary policy, and competition, but also money laundering, financing of terrorism, and others. Addressing stablecoins has proven challenging for many regulators as they face a difficult task of balancing financial stability, with innovation. This paper analyzes how the official perception of stablecoins has evolved, from dismissiveness and underestimation to serious concern. It evaluates existing regulatory responses, highlights regulatory dilemmas, and makes recommendations regarding future regulatory approaches. To reap the benefits of stablecoin innovation, regulators need to take a broader long-term view of stablecoins beyond the perceived risks and embrace their advantages. Regulations should not stifle this innovation but support a diverse ecosystem of stablecoins and foster competition.
【摘要】稳定币是区块链驱动的创新和加密资产的新子集。尽管它们可以改变支付方式，但监管机构直到最近才注意到它们。 2019 年 Libra 项目的宣布将稳定币提升到监管议程的首位。 Libra 的全球规模及其通过以用户为中心的社交网络平台接触数十亿潜在用户的能力，该平台已经无缝融入全球人口的生活，全球快速且廉价的支付解决方案的潜在影响引发了许多问题和担忧不仅涉及金融稳定、货币政策和竞争，还涉及洗钱、资助恐怖主义等。事实证明，解决稳定币问题对许多监管机构来说具有挑战性，因为他们面临着平衡金融稳定与创新的艰巨任务。本文分析了官方对稳定币的看法是如何演变的，从不屑一顾和低估到严重关注。它评估现有的监管反应，突出监管困境，并就未来的监管方法提出建议。为了从稳定币创新中获益，监管机构需要对稳定币采取更广泛的长远眼光，超越可感知的风险，并接受其优势。法规不应扼杀这种创新，而应支持多样化的稳定币生态系统并促进竞争。
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