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SNB's Tschudin voices concern about stablecoin impact on central banks

ZURICH, Sept 30 (Reuters) - ⁠The Swiss National Bank is cautious about the use of ⁠digital stable coins, because the technology could make the transmission ‌of monetary policy more difficult, governing board member Petra Tschudin said on Wednesday.

The Star MalaysiaJohn Revill2026-09-30 16:24查看原文 ↗

Swiss National Bank (SNB) governing board member Petra Tschudin speaks to journalists during a year-end press conference, in Bern, Switzerland, December 11, 2025. REUTERS/Pierre Albouy

"When we introduce innovations, we really need to ask what consequences they have, and how they should be regulated," Tschudin told an event in Zurich.

"If we ⁠end up with big stablecoins ⁠that are really far removed from the existing two-tier financial system, then ⁠that's ‌a situation which increases the burden on central banks in fulfilling their mandate."

A stablecoin is a type of cryptocurrency designed to ⁠hold a steady value by being pegged to a stable asset, like the ‌dollar or gold.

Tschudin said the SNB welcomed innovation, but was concerned ⁠about the impact stable coin technology could have on central bank money, the risk-free cash used to settle transactions between commercial banks.

Because stablecoins operate outside the central bank ⁠system, a "stablecoin franc" was not automatically guaranteed to be worth the same as a real franc, undermining the principle that money should be uniform everywhere, she said.

There was also a risk if households and ⁠businesses shift money they previously held at commercial banks into stablecoins - reducing the amount of money they could lend and affecting interest rates.

This would mean a central bank's policy rate changes have less direct influence by weakening its ability to steer borrowing costs.

"We have an ⁠effect on how much credit, or how expensively credit is made available in the economy, and that naturally has knock-on ‌effects for monetary policy," said Tschudin.

"So if we see this effect, we get a certain disruption to the transmission mechanism," she said.

(Reporting by John RevillEditing by Dave Graham)

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2025年12月11日，瑞士国家银行（SNB）理事会成员佩特拉·楚丁在瑞士伯尔尼举行的年终新闻发布会上向记者发表讲话。路透社/皮埃尔·阿尔布伊

苏黎世，9 月 30 日（路透社）——瑞士国家银行管理委员会成员佩特拉·楚丁周三表示，该行对使用数字稳定币持谨慎态度，因为这项技术可能会使货币政策的传导更加困难。

“当我们引入创新时，我们真的需要问问它们会带来什么后果，以及应该如何监管它们，”楚金在苏黎世的一次活动上说道。

“如果我们最终得到的稳定币与现有的双层金融体系相去甚远，那么这将增加中央银行履行其职责的负担。”

稳定币是一种加密货币，其价值通过与美元或黄金等稳定资产挂钩来保持稳定。

楚金表示，瑞士国家银行欢迎创新，但担心稳定币技术可能会对中央银行货币（用于结算商业银行之间交易的无风险现金）产生影响。