Blockchain Experts Discuss Risk Management for Financial Stability

In the latest episode of the podcast "そうだったのかブロックチェーン" (Episode 20), experts discussed the role of risk management in maintaining financial stability, particularly in the context of blockchain and cryptocurrencies. The panel, featuring internal auditor and professor Tomohiko Uchida, Web3 entrepreneur Yuya Sakai, and crypto media editor Shinya Otsuga, explored how risk management aims not to eliminate risks but to manage their probability and impact. They highlighted that while individual entities may act rationally, collective actions can destabilize the entire financial system, necessitating macro-level oversight.

The discussion covered key risk factors such as "procyclicality" (amplification of economic fluctuations), "interconnectedness" (links between market participants), and "resilience" (ability to absorb losses). The panel analyzed cryptocurrencies as part of capital markets and stablecoins as non-bank financial instruments, emphasizing the importance of frameworks like those proposed by the Financial Stability Board (FSB) and the International Monetary Fund (IMF). They stressed that stablecoins must not only hold reserve assets but also ensure timely redemption in legal tender during crises.

The conversation also touched on the limitations of "circuit breakers" in crypto markets, noting that halting trades on one exchange does not prevent activity on others. The experts concluded by advocating for a nuanced understanding of "on-chain finance," distinguishing between distributed ledger technology (DLT), tokenization, and public blockchain usage. They argued for country-specific regulatory approaches based on careful analysis rather than blind adherence to foreign models.

The next episode, scheduled for October 13, 2026, will delve into global financial regulations related to cryptocurrencies, examining regulatory targets and international differences in policy directions.