FSB Chair Highlights Stablecoins as a Key Topic Ahead of G20 Summit
ChainCatcher reports, according to CoinDesk, that Andrew Bailey, the new chair of the Financial Stability Board (FSB) and Governor of the Bank of England, stated in an open letter to the G20 that assessing the role of stablecoins in payment and settlement will be a priority for the FSB. After taking office in July, Bailey emphasized that before the G20 summit, the FSB must continue to advance the implementation of stablecoin regulatory recommendations and strengthen cross-border regulatory cooperation.
The FSB introduced rules for regulating stablecoins in 2021 to prevent them from disrupting the global economy. Last year, the organization stated it would further study the challenges stablecoins pose to emerging and developing economies with higher adoption rates.
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