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Stablecoins pose serious regulatory risks

Global G20 finance executives agree that global stable coins pose a range of public policy and regulatory risks.

On October 18, Reuters reported that the G20 was an international forum for governments and central bank governors. from 19 countries and the European Union have called on the International Monetary Fund to investigate the various macroeconomic implications of global stable coins, including monetary sovereignty issues in Member States.

Members say stable coins pose a serious risk to global finances

Per the report, the parties agreed that global adoption of stable coins would create a range of serious public policy and regulatory risks. The G20 finance ministers stated:

"Such risks, including in particular those related to money laundering, illicit financing and consumer and investor protection, should be properly assessed and addressed before these projects

Bank of the Governor of Japan Haruhiko Kuroda says the G20 summit will begin a debate on stable bitcoin regulations ̵

1; following proposals from global regulators such as the Financial Stability Board and the Task Force for fin nsovi action. Kuroda stated:

"Some emerging countries have concerns about what might happen if stable coins backed by a huge customer base become widely used worldwide […]but this is not just a problem for emerging economies. This could have a broader impact on monetary policy and financial system stability. ”

Stablecoin is worried many times among major economies

The news follows the latest report of the G7 Task Force, which states that stable coins like Facebook Scales pose a significant risk to the global financial system.

In a report requested by the G7 finance ministers and central bank governors, the Working Party confirmed that the group of the seven richest countries would not allow any globally stable bitcoin to be launched without dealing with related challenges and risks. [19659011] window.fbAsyncInit = function () {FB.init ({appId: & # 39; 1922752334671725 & # 39 ;, xfbml: true, version: & # 39; v2.9 & # 39;}); FB.AppEvents.logPageView (); }; (function (d, s, id) {var js, fjs = d.getElementsByTagName (s) [0]; if (d.getElementById (id)) {return;} js = d.createElement (s); js.id = id; js.src = "http://connect.facebook.net/en_US/sdk.js"; js.async = true; fjs.parentNode.insertBefore (js, fjs);} (document, "script", "Facebook-jssdk"));
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