The comments came earlier this week during a meeting of about 30 central bank governors from the Commonwealth. The topic of digital currencies and cross-border payments served as part of a broader conversation about the negative impact of regulation on remittances, particularly the closure of accounts for money-related businesses that banks deem too risky to work with.
Many startups working in the digital currency industry today, even in countries with more advanced understandings of the technology like Australia and the US, continue to struggle to gain access to even basic banking services.
The meeting was intended to look at the potential of virtual currencies to decrease costs and improve the efficiency of transfers. While the potential for digital currencies to address remittance pain points was acknowledged by those in attendance, some governors at the meeting raised questions about the implications for monetary policy and financial stability.
During the meeting, representatives also discussed best practices for describing the technology.
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