Cryptotechnologies, Smart Payments and Stablecoins Working Group
Background and mission
Launched in 2016, the Cryptotechnologies Working Group has explored the use of cryptotechnologies in trade finance, international payments and regulatory compliance. In 2019, in light of the increasing significance of the Internet of Things in the financial sector, the EBA Board extended the mandate of the working group to exploring smart payments.
Technological innovation can produce great economic benefits for the financial sector, broadening consumer choice, increasing efficiency and delivering cost savings for financial institutions and the economy at large. In 2019, the emergence of "stablecoin" initiatives has highlighted the importance of continuous improvements to payment arrangements in order to meet market and consumer expectations for convenient, fast, efficient and inexpensive payments – especially cross-border. The ECB and other central banks and national competent authorities have also recognised this trend and will explore further the ongoing digital transformation of the payment ecosystem, and in particular the consequences of initiatives such as stablecoins. Against this background, the members of the working group have expressed interest in exploring the implications of central bank digital money and stablecoins. The EBA Board endorsed this next phase of research and to reflect this new focus, the working group was renamed Cryptotechnologies, Smart Payments and Stablecoins Working Group.
Goal is to contribute to learning about and exploring the emergence of stablecoins, and analyse the opportunities and implications thereof, with the objective to produce a white paper on the topic.
For more information see the Terms of Reference.
- CBDC, stablecoins and beyond: a deep dive into new forms of digital money. Download fact sheet.
- Digital currencies: a first look at potential opportunities and challenges for banks. Download fact sheet.
- The Internet of Things and Smart Payments. Download fact sheet.
- Cryptotechnologies: improving regulatory compliance
- Security and identity challenges in cryptotechnologies
- Cryptotechnologies in international payments
- Applying cryptotechnologies to Trade Finance
- Cryptotechnologies, a major IT innovation and catalyst for change: 4 categories, 4 applications and 4 scenarios