Technology true believers argue digital cash does not need an institutional backstop. In this episode of The Big View, Gaston Gelos of the Bank for International Settlements tells Peter Thal Larsen why stablecoins and other tokens still need central banks to work smoothly.

Bank for International Settlements: Anchoring trust in money: innovation beyond stablecoins

Bank of England: Sterling-denominated systemic stablecoins

The Big View: The wobbly foundations of the stablecoin boom

The Big View: The coming battle over the future of money

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