In recent years, regulators and central banks have become increasingly focussed on ‘crypto’. No meeting of the international regulatory or central banking community takes place without a discussion of some aspect of the financial products, services and technologies that have come to be labelled ‘crypto’. Not surprisingly, given their explosive growth and wholly unregulated markets, much of the focus has been on crypto assets, particularly the highly speculative, assets like Bitcoin and the so called ‘stablecoins’ that function as the settlement asset for much of crypto trading and settlement. This focus has in my ... (full story)