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Many existing stablecoins would not meet the “high-level” recommendations soon to be set by global standard setters like the Financial Stability Board (FSB), its chair, Klaas Knot, said on Monday.
According to its work plan for 2023 published on Monday, the FSB is set to finalize its recommendations for regulating crypto and stablecoins by July. Stablecoins are cryptocurrencies pegged to the value of other assets like the U.S. dollar or the euro.
Regulators around the world have been taking steps to oversee payments-focused stablecoins, most of which are backed by fiat currency reserves in the form of cash equivalents – or more infamously by unsecured short-term debt. While stablecoin issuers have made efforts to cut private debt out of their reserves and improve transparency, Knot’s message indicates these measures may not be enough.
In his letter, Knot added that many existing stablecoins wouldn’t meet the international norms set by payments or securities standard setters either.
In February 2022, the FSB warned that crypto risks to financial stability “could rapidly escalate.” Regulators around the world, including the FSB, have been increasing efforts to oversee the sector following last year’s many company collapses – including token issuer Terra and crypto exchange FTX.
Last week, the FSB said it will work with other standard-setting bodies to determine how decentralized finance (DeFi) should be regulated. It is also planning a paper with the International Monetary Fund (IMF) on regulatory issues associated with crypto.
What.. ? No answer to who are you really working for .. no worries James.. Surely not Xi LOL
but sadly and prolly something far far worse :(
Oh dear .. you are the last person that should put me on ignore..
Gonna have some fun tonight .. well lucky you bedtime for me now..
But I'll be back :) from the year I was born ...
Damn I am sure I saw you in the audience LOL They were all white !!! What a surprise LOl !!! NOT!!!
Maybe a dufus trucker 'person' LOL' but you get my drift correct .. ( could say 'right' in lieu (that's French BTW) of correct ,, but I do not want to encourage BS :) ? I dunno know .. I get enough BS at home province area
Don't you realise that GOP/DEM is the US bombs the shit out of someone despite it is totally unjustified.. and NO one else really on this planet has the right to defend themselves !! unless a US sycophant ?
Maybe we need AIs to finally put paid to humans
So true
Honestly for a long time I thought about grand kids.. but now I realise it was very selfish..
I want my kids to live their lives and enjoy.. if they choose to procreate into the coming shit... well it was NOT on my advice :(
Feb 20, 2023 at 4:00 a.m. EST:format(jpg)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/BLUMS24T2ZBQVKCZ6FXZPPKXDY.jpg)
(NASA/Unsplash)
