A paper published under the pseudonym Satoshi Nakamoto proposes a radical new framework for digital cash that does not require a financial institution intermediary.
Cryptocurrencies have disrupted the global financial landscape, offering innovation alongside unique challenges. Policymakers can draw from established models prioritizing financial stability, such as the International Monetary Fund (IMF) and the Financial Stability Board (FSB), created in response to the 2007-2008 financial crisis.
Proposing the creation of a Cryptocurrency Stability Board (CSB), we envision a global entity comprising national regulatory authorities, international organizations, and private sector players. The CSB aims to maintain stability amidst rapid crypto evolution by pooling resources, minimizing regulatory arbitrage, and fostering global cooperation.
The CSB would address systemic vulnerabilities by engaging diverse stakeholders, including governments and multinational technology companies. Its streamlined approach to regulatory enforcement and crisis management, under the auspices of the United Nations, would pave the way for a stable and resilient cryptocurrency ecosystem while fostering innovation.