Taiwan's Central Bank: The US Dollar stablecoin may become a shadow forex market, impacting the New Taiwan Dollar exchange rate.The Central Bank of Taiwan recently issued a stern warning regarding the US dollar stablecoin, pointing out that if widely circulated, it would form a "shadow forex market," allowing businesses or individuals to circumvent the current Exchange Settlement reporting mechanism, weakening the Central Bank's control over cross-border capital movements, and thus impacting the stability of the New Taiwan Dollar Exchange Rate. In a recent speech, Central Bank Governor Yang Jinlong compared stablecoins to a modern version of "wildcat banking," implying their private issuance, regulatory Arbitrage, and potential instability.
MarketWhisper·2025-12-23 07:50