On Wednesday, the Financial Stability Board (FSB) Chair Randal K. Quarles, wrote a letter outlining a schedule for recommendations about regulating stablecoins. It treats stablecoins as part of the cross border payments challenge.
The letter was addressed to the Finance Ministers of the G20 and central bank governors.
Facebook’s unveiling of the Libra digital currency in June last year triggered a flurry of activity around the issue. Earlier this week, the EVP of the European Commission, Valdis Dombrovskis, responded to members of parliament questions about the timing of a response to stablecoin regulation, or Libra in particular. The EU is currently conducting a public consultation.
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