{"id":5906,"date":"2020-11-10T16:35:20","date_gmt":"2020-11-10T16:35:20","guid":{"rendered":"https:\/\/newmoneyreview.com\/?p=5906"},"modified":"2021-02-18T16:52:30","modified_gmt":"2021-02-18T16:52:30","slug":"private-stablecoins-wont-work-as-money-says-the-bis","status":"publish","type":"post","link":"https:\/\/newmoneyreview.com\/index.php\/2020\/11\/10\/private-stablecoins-wont-work-as-money-says-the-bis\/","title":{"rendered":"Private stablecoins won\u2019t work as money, says the BIS"},"content":{"rendered":"

Privately issued stablecoins\u2014digital money backed by fiat currency like the US dollar\u2014won\u2019t work in the long term as they lack the government support implicit in central bank money, say researchers at the Bank for International Settlements (BIS).<\/p>\n

The BIS is owned by 63 central banks, representing countries that account for 95 percent of the world\u2019s economic output.<\/p>\n

In a new working paper<\/a>, Jon Frost, Hyun Song Shin and Peter Wierts of the BIS compare a four-century-old \u2018stablecoin\u2019\u2014money issued by the Bank of Amsterdam between 1609 and 1820\u2014with its modern-day equivalents or prototypes, such as Tether<\/a>, JP Morgan\u2019s JPMCoin<\/a> and Facebook\u2019s Libra<\/a>.<\/p>\n

During the seventeenth and eighteenth centuries, Amsterdam was Europe\u2019s pre-eminent financial centre and the Bank of Amsterdam played a central role in global trade, in particular between the Spanish colonies of the New World and the growing markets in Asia.<\/p>\n

Over time, the Bank of Amsterdam departed from its promise of strict reserve backing<\/p><\/blockquote>\n

In 1609, the Bank got off to a successful\u2014and risk-averse\u2014start. At the outset, Bank of Amsterdam guilders were fully backed by gold and silver deposits from clients and the bank had no right to lend out client money<\/a>.<\/p>\n

The BIS describes this policy, in modern-day terms, as equivalent to managing a \u2018rigid stablecoin\u2019.<\/p>\n

But over time, say Frost, Shin and Wierts, the Bank of Amsterdam departed from the promise of strict reserve backing for its money.<\/p>\n

Initially, say the researchers, the Bank offered temporary overdrafts to its clients to help address seasonal credit market tensions and to smooth the settlement of payments.<\/p>\n

During this period of its history, the Bank of Amsterdam was operating a more \u2018elastic\u2019 stablecoin policy, the BIS researchers say.<\/p>\n

However, in 1683 the Bank stopped its promise of redeeming client deposits for the equivalent amount of gold and silver bullion.<\/p>\n

Instead, it introduced a system of depositary receipts, where owners of gold and silver coins could sell them to the Bank with an option to repurchase them later, subject to a small fee.<\/p>\n

By the late-eighteenth century a series of wars and economic downturns had taken its toll on the Bank of Amsterdam\u2019s governance, and on the security of its money.<\/p>\n

Over time, the Bank had started backing its money by much riskier assets than gold and silver. The new, less secure reserve base included debt from the Dutch East India Company and local municipalities, while the Bank also failed to warn depositors of its loosening credit policy, say Frost, Shin and Wierts.<\/p>\n

Eventually, the market value of its money plummeted and by 1820 the Bank of Amsterdam was closed. Instead, the modern Dutch central bank\u2014De Nederlandsche Bank\u2014took over many of its functions.<\/p>\n

Bank of Amsterdam assets 1609-1820<\/em><\/p>\n

\"\"<\/p>\n

Source: BIS<\/em><\/p>\n

In their working paper, Frost, Shin and Wierts say the history of the Bank of Amsterdam provides valuable lessons for today\u2019s designers of asset-backed digital money, particularly when it comes to reserve policy and governance.<\/p>\n

\u201cThe economic concepts of stablecoins and of central bank solvency are not new\u201d<\/p><\/blockquote>\n

\u201cThe economic concepts of stablecoins and of central bank solvency are not new,\u201d say the BIS researchers.<\/p>\n

\u201cThe Bank of Amsterdam provides a rich source of experience on the working of money backed by assets, and the corrosive effect of excessive discretionary credit amid weak governance on the stability of this system,\u201d they say.<\/p>\n

\u201cAs a range of new private stablecoins are proposed for wholesale and retail use, there is the potential that the same limitations of rigid stablecoins, and conflicts of interest around elastic stablecoins, may arise,\u201d the authors go on.<\/p>\n

A better idea, say the researchers, is digital currency issued and managed by the world\u2019s central banks.<\/p>\n

\u201cWhile [private] digital stablecoins could play a constructive role in certain specific use cases, it seems unlikely that they can fulfil the full range of functions of money,\u201d say Frost, Shin and Wierts.<\/p>\n

\u201cFor this, discretionary credit and appropriate fiscal backing will be needed. Central bank digital currencies (CBDCs), which build on the existing governance of central bank money, are better placed to fill this gap,\u201d they write in the working paper.<\/p>\n

Sign up here<\/a> for the New Money Review newsletter<\/em><\/p>\n

Click here<\/a> for a full list of episodes of the New Money Review podcast: the future of money in 30 minutes<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Privately issued stablecoins\u2014digital money backed by fiat currency like the US dollar\u2014won\u2019t work in the long term as they lack the government support implicit in central bank money, say researchers […]<\/p>\n","protected":false},"author":3,"featured_media":5905,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1013,1012,1053,1014,1011],"tags":[1786,1085,1835],"class_list":{"0":"post-5906","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-account","8":"category-exchange","9":"category-featured-1","10":"category-payment","11":"category-value","12":"tag-bank-of-amsterdam","13":"tag-bis","14":"tag-stablecoins"},"yoast_head":"\nPrivate stablecoins won\u2019t work as money, says the BIS - 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