G-20 Calls For 'Proportionate' Regulation Of Stablecoins
Law360, London (April 14, 2020, 1:53 PM BST) -- Central bankers for some of the world's leading economies told regulators on Tuesday to close gaps in legislation to prevent digital currencies from posing a systemic threat to the integrity of financial markets.
The Financial Stability Board, the G-20 supervisory body, has made 10 recommendations for a common, international approach to regulating so-called stablecoins, like the venture planned by Facebook.
Stablecoins are cryptocurrencies that seek to limit price volatility by being backed by specific assets, such as fiat currencies or metals. Because they are not backed by sovereign governments, such currency could theoretically be used or transferred across national boundaries.
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