Opinion
Liberalizing the crypto market without guarantees of macroeconomic stability risks creating a “digital offshore”
Doctor of Economics, professor, Head of Economics department, West Ukrainian National University, former Member of the NBU Council (2016-2023)
The crypto ecosystem is becoming increasingly global. Institutional investors are showing interest in assets that, just a few years ago, were considered exotic and associated with the cyberpunk subculture. A significant portion of cross-border transfers is conducted in stablecoins, demonstrating that digital money can meet very real—rather than merely virtual or speculative—transaction needs.
Central banks in many countries are concerned that the spread of stablecoins will exacerbate the problem of dollarization—albeit in the digital realm. The issue is quite acute because, even after years of curbing inflation, the level of dollarization has not seen a radical decline, even in many successful countries.
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This is a machine translation of the original article in Ukrainian. It may contain errors.
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