In the wake of the current crypto epidemic, the head of the central bank in Hong Kong seemed optimistic about the future of decentralized technology. The governor of the central bank in Korea, on the other hand, was worried about the situation.
The governors of central banks from across the world are currently meeting in Thailand to debate the role of central banks in this era of rapidly expanding financial technology.
While they are present at the conference, the Bank of Thailand (BOT) and the Bank for International Settlements (BIS) will both serve as co-hosts (BIS).
Eddie Yue, CEO of the Hong Kong Monetary Authority, Changyong Rhee, Governor of the Bank of Korea, Adrian Orr, Governor of the Reserve Bank of New Zealand, and Cecilia Skingsley, from the Bank for International Settlements, all took part in a panel discussion about digitalized monetary systems. The panelists talked about the risks of the new technology and how digital assets and central bank digital currency (CBDC) are becoming more popular.
The chairman of the Hong Kong Monetary Authority talked about how blockchain technology is new and has benefits. He also talked about how it might affect central banks. He also emphasized the potential implications of blockchain technology for monetary policy.
Yue says that in the long run, stablecoins and CBDCs may be able to offer a way to make transactions that is not only better but also cheaper.
But he did stress that every new technological advance comes with its own set of risks, whether they are operational risks or innovation risks, and that these risks can’t be completely removed.
Yue stressed that because blockchain is by definition a decentralized technology, it makes it much harder to reduce the risks that come with doing things on the blockchain.
Changyong Rhee, the governor of the Bank of Korea, is not very optimistic about how blockchain technology could be used in the future, especially in the financial sector.
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