More challenges ahead for stablecoins, this time via the G20.
Financial Stability Board chair Klaas Knot has outlined how the organization plans to address key threats to financial stability this year in a Feb. 20 letter sent to the G20’s Finance Ministers and Central Bank Governors. Crypto assets and decentralized finance had a prominent place on the list of challenges the FSB saw. The G20 ministers and bankers group is meeting Feb. 24-25 in Bengaluru, India.
The FSB has an “ambitious work programme” for finalizing a crypto asset regulatory framework in 2023, Knot said. The FSB is an advisory body created by the G20 and affiliated with the Bank of International Settlements . It has no enforcement powers.to DeFi in light of its potential connections with traditional finance.
“Importantly, the FSB’s work concludes that many existing stablecoins would not currently meet these high-level recommendations, nor would they meet the international standards and supplementary, more detailed BIS Committee on Payments and Market Infrastructures-International Organization of Securities Commissions guidance.”Principles for Financial Market Infrastructures to stablecoins. Those principles were released in 2012 in response to the 2008 financial crisis.
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