Eiropas Centr\u0101l\u0101s bankas br\u012bdin\u0101jumi par stabilo kriptoval\u016btu riskiem<\/p>\n
Strauj\u0101 stabilo kriptoval\u016btu (stablecoins) att\u012bst\u012bba un to pieaugo\u0161\u0101 popularit\u0101te rada nopietnas ba\u017eas par finan\u0161u stabilit\u0101ti Eiropas Savien\u012bb\u0101, br\u012bdina Eiropas Centr\u0101l\u0101s bankas (ECB) anal\u012bti\u0137i. \u0160ie digit\u0101lie akt\u012bvi, kas paredz\u0113ti v\u0113rt\u012bbas saglab\u0101\u0161anai, savulaik \u0161\u0137ita k\u0101 ni\u0161as produkts kriptoval\u016btu pasaul\u0113, ta\u010du tagad to tirgus v\u0113rt\u012bba p\u0101rsniedz 300 miljardus dol\u0101ru, un tie strauji tuvojas sist\u0113miski noz\u012bm\u012bgam l\u012bmenim. \u0160\u012b neapturama izaugsme var\u0113tu rad\u012bt d\u016b\u0146as, kas ietekm\u0113 ne tikai kriptoval\u016btu tirgu, bet ar\u012b pla\u0161\u0101ku finan\u0161u sist\u0113mu.<\/p>\n
Finan\u0161u sist\u0113mas ievainojam\u012bba<\/p>\n
Lai gan stabil\u0101s mon\u0113tas ir izstr\u0101d\u0101tas, lai saglab\u0101tu nemain\u012bgu v\u0113rt\u012bbu, parasti piesaistot noteiktai val\u016btai, piem\u0113ram, ASV dol\u0101ram, to emitentu rezerves var b\u016bt necaursp\u012bd\u012bgas un to stabilit\u0101te \u2013 trausla. Aptuveni 80% glob\u0101lo dar\u012bjumu centraliz\u0113taj\u0101s kriptoval\u016btu tirdzniec\u012bbas platform\u0101s jau pa\u0161laik ietver stabil\u0101s mon\u0113tas, kas apliecina to straujo integr\u0101ciju finan\u0161u ekosist\u0113m\u0101. \u0160is pieaugo\u0161ais \u012bpatsvars rada ba\u017eas par potenci\u0101lajiem \u201cpanikas izpirk\u0161anas\u201d scen\u0101rijiem. Ja liels skaits tur\u0113t\u0101ju vienlaic\u012bgi m\u0113\u0123in\u0101tu apmain\u012bt savas stabil\u0101s mon\u0113tas pret tradicion\u0101lo val\u016btu, emitentiem b\u016btu j\u0101izp\u0101rdod savas rezerves. \u0160\u0101da masveida akt\u012bvu izp\u0101rdo\u0161ana, \u012bpa\u0161i oblig\u0101ciju tirgos, var\u0113tu izrais\u012bt cenu sv\u0101rst\u012bbas un likvidit\u0101tes probl\u0113mas, radot satricin\u0101jumus, kas sniedzas daudz t\u0101l\u0101k par digit\u0101lo akt\u012bvu pasauli.<\/p>\n
Ietekme uz monet\u0101ro politiku un eiro stabilit\u0101ti<\/p>\n
ECB amatpersonas, tostarp N\u012bderlandes centr\u0101l\u0101s bankas vad\u012bt\u0101js un ECB padomes loceklis Olafs Sleijpens, ir paudu\u0161i nopietnas ba\u017eas par to, k\u0101 stabilo mon\u0113tu izaugsme var\u0113tu apgr\u016btin\u0101t ECB sp\u0113ju veikt monet\u0101ro politiku. Ja stabil\u0101s mon\u0113tas, \u012bpa\u0161i ASV dol\u0101ram piesaist\u012bt\u0101s, k\u013c\u016btu pla\u0161i izmantotas eiro zon\u0101 maks\u0101jumiem, uzkr\u0101jumiem vai nor\u0113\u0137iniem, tas var\u0113tu v\u0101jin\u0101t ECB kontroli p\u0101r monet\u0101rajiem nosac\u012bjumiem. \u0160\u0101da situ\u0101cija var\u0113tu l\u012bdzin\u0101ties jau nov\u0113rotajiem \u201cdollariz\u0101cijas\u201d procesiem, kur \u0101rvalstu val\u016btas izmanto\u0161ana samazina centr\u0101l\u0101s bankas r\u012bc\u012bbas sp\u0113ju. Turkl\u0101t, ja pieaugs interese par procentus neso\u0161\u0101m stabilaj\u0101m mon\u0113t\u0101m, tas var\u0113tu novirz\u012bt noguld\u012bjumus no tradicion\u0101laj\u0101m bank\u0101m, apdraudot finan\u0161u starpniec\u012bbu un kred\u012btu pieejam\u012bbu, kas ir \u012bpa\u0161i noz\u012bm\u012bgi Eirop\u0101, kur bankas ie\u0146em centr\u0101lo lomu finan\u0161u sist\u0113m\u0101. T\u0101 k\u0101 tirgus prognozes liecina, ka stabilo mon\u0113tu pied\u0101v\u0101jums var\u0113tu sasniegt pat 2 triljonus dol\u0101ru l\u012bdz 2028. gadam, \u0161ie riski k\u013c\u016bst arvien nopietn\u0101ki.<\/p>\n
Regulat\u012bv\u0101s nepiln\u012bbas un riski starptautisk\u0101 m\u0113rog\u0101<\/p>\n
Lai gan Eiropas Savien\u012bb\u0101 ir izstr\u0101d\u0101ts regul\u0113juma pamats \u2013 MiCA (Markets in Crypto-Assets) regula, kas paredz stingr\u0101kus noteikumus stabilo mon\u0113tu emitentiem ES, past\u0101v ba\u017eas par nepiln\u012bb\u0101m, kas saist\u012btas ar starptautiskiem emitentiem. Eiropas Centr\u0101l\u0101s bankas prezidente Krist\u012bne Lagarde ir aicin\u0101jusi ES noteikt stingr\u0101kas rezerves pras\u012bbas ar\u012b ES nerezidentu stabilo mon\u0113tu emitentiem, lai nov\u0113rstu nepiln\u012bbas regul\u0113jum\u0101 un aizsarg\u0101tu eiro stabilit\u0101ti. Dubult\u0101s izdo\u0161anas sh\u0113mas, kur vienus un tos pa\u0161us stabilos tokenus var emit\u0113t gan ES, gan \u0101rpus ES, rada papildu sare\u017e\u0123\u012bjumus. Stresa situ\u0101cij\u0101 izpirk\u0161ana Eirop\u0101 var\u0113tu izsmelt viet\u0113jo emitentu rezerves, pat ja tokeni ir izlaisti valst\u012bs ar v\u0101j\u0101ku regul\u0113jumu, t\u0101d\u0113j\u0101di palielinot likvidit\u0101tes tr\u016bkuma risku Eiropas blok\u0101. Starptautisk\u0101s uzraudz\u012bbas iest\u0101des, piem\u0113ram, Starptautisko nor\u0113\u0137inu banka (BIS), ar\u012b ir br\u012bdin\u0101ju\u0161as par riskiem, ko rada stabil\u0101s mon\u0113tas, jo \u012bpa\u0161i attiec\u012bb\u0101 uz monet\u0101ro suverenit\u0101ti un kapit\u0101la aizpl\u016b\u0161anu no jaunatt\u012bst\u012bbas valst\u012bm.<\/p>\n
Neuzticam\u012bba un caursp\u012bd\u012bguma tr\u016bkums<\/p>\n
Viena no galvenaj\u0101m stabilo mon\u0113tu probl\u0113m\u0101m ir to rezervju necaursp\u012bd\u012bgums. Piem\u0113ram, liel\u0101k\u0101 stabil\u0101 mon\u0113ta Tether savu rezervju sadal\u012bjum\u0101 ir nor\u0101d\u012bjusi, ka puse no t\u0101m ir ieguld\u012btas komercpap\u012bros. Ta\u010du tr\u016bkst detaliz\u0113t\u0101kas inform\u0101cijas par \u0161o ieguld\u012bjumu likvidit\u0101ti, padarot gr\u016bti nov\u0113rt\u0113jamu rezervju patieso st\u0101vokli. Da\u017ek\u0101rt stabil\u0101s mon\u0113tas ir piedz\u012bvoju\u0161as ar\u012b novirzes no savas piesaistes, kas liecina par to pa\u0161u mezglu nestabilit\u0101ti. \u0160ie faktori kop\u0101 rada risku pat\u0113r\u0113t\u0101jiem, kuri iegulda \u0161ajos akt\u012bvos, jo nav piln\u012bb\u0101 skaidrs, vai vi\u0146u ieguld\u012bjumi ir pietiekami nodro\u0161in\u0101ti un vai tos var\u0113s viegli konvert\u0113t atpaka\u013c s\u0101kotn\u0113j\u0101 v\u0113rt\u012bb\u0101. \u0160\u012b nenoteikt\u012bba un potenci\u0101lais zaud\u0113jumu risks ir b\u016btisks iemesls ECB ba\u017e\u0101m par finan\u0161u stabilit\u0101ti.<\/p>\n
N\u0101kotnes perspekt\u012bvas un risin\u0101jumi<\/p>\n
Lai gan pa\u0161laik finan\u0161u stabilit\u0101tes riski, kas saist\u012bti ar stabilaj\u0101m mon\u0113t\u0101m eiro zon\u0101, tiek uzskat\u012bti par ierobe\u017eotiem, to strauj\u0101 izaugsme pieprasa past\u0101v\u012bgu uzraudz\u012bbu. Lai mazin\u0101tu \u0161os riskus, ir nepiecie\u0161ams nekav\u0113joties izstr\u0101d\u0101t un ieviest atbilsto\u0161us regulat\u012bvos, uzraudz\u012bbas un kontroles meh\u0101nismus. Da\u017ei anal\u012bti\u0137i uzskata, ka gad\u012bjum\u0101, ja stabil\u0101s mon\u0113tas rad\u012bs ekonomiskus satricin\u0101jumus, ECB var\u0113tu b\u016bt spiesta piel\u0101got savu monet\u0101ro politiku. Citi nor\u0101da, ka dro\u0161\u0101kais veids, k\u0101 pasarg\u0101t Eiropas monet\u0101ro kontroli, ir ieviest digit\u0101lo eiro, kas pal\u012bdz\u0113tu nov\u0113rst \u0101rvalstu stabilo mon\u0113tu izplat\u012bbu k\u0101 maks\u0101\u0161anas l\u012bdzekli re\u0123ion\u0101. Lai gan stabil\u0101s mon\u0113tas var\u0113tu pied\u0101v\u0101t jaunas un efekt\u012bvas maks\u0101jumu iesp\u0113jas, to att\u012bst\u012bba prasa r\u016bp\u012bgu izv\u0113rt\u0113jumu un stingru regul\u0113jumu, lai nodro\u0161in\u0101tu finan\u0161u sist\u0113mas stabilit\u0101ti un eiro poz\u012bciju pasaules finan\u0161u tirg\u016b.<\/p>\n","protected":false},"excerpt":{"rendered":"Eiropas Centr\u0101l\u0101s bankas br\u012bdin\u0101jumi par stabilo kriptoval\u016btu riskiem Strauj\u0101 stabilo kriptoval\u016btu (stablecoins) att\u012bst\u012bba un to pieaugo\u0161\u0101 popularit\u0101te rada…\n","protected":false},"author":2,"featured_media":59020,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16],"tags":[77,76,548,8015,779,35,39,38,36,37,34,40,4049,15648],"class_list":{"0":"post-59019","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-bizness","8":"tag-bizness","9":"tag-business","10":"tag-ecb","11":"tag-finansu-stabilitate","12":"tag-kriptovalutas","13":"tag-latvia","14":"tag-latvian","15":"tag-latviesu","16":"tag-latviesu-valoda","17":"tag-latviesuvaloda","18":"tag-latvija","19":"tag-lv","20":"tag-monetara-politika","21":"tag-stablecoins"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@lv\/115615822195860691","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/lv\/wp-json\/wp\/v2\/posts\/59019","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/lv\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/lv\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/lv\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/lv\/wp-json\/wp\/v2\/comments?post=59019"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/lv\/wp-json\/wp\/v2\/posts\/59019\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/lv\/wp-json\/wp\/v2\/media\/59020"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/lv\/wp-json\/wp\/v2\/media?parent=59019"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/lv\/wp-json\/wp\/v2\/categories?post=59019"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/lv\/wp-json\/wp\/v2\/tags?post=59019"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}