FSB Chair: Stablecoins Can Make Legal Obstacles More Difficult

The chair of the Financial Stability Board, Randall Quarles, recently spoke about the rise in popularity stablecoins are having, including very prominent projects such as Libra. According to him, the future can have significant regulatory challenges because of these projects.

He talked about this issue during a recent presentation that happened at the European Banking Summit, which reunites in Belgium several important people in the sector.

Quarles affirmed that Libra may not have been released yet, but that it has certainly raised the public interest in the matter. According to him, this could spark a new scale of and scope to the stablecoin space and the community has to carefully consider which way to follow to achieve the best results.

The regulator is far from anti-Libra, though. He affirms that these assets bring a “small financial risk” but also acknowledges that there is potential to Libra and the other projects.

At the moment, both the G7 and the G20 are currently investigating stablecoins and the FSB was tasked with leading the initiative to understand these assets better and spearhead the regulatory changes.

You may not know, but the FSB was created at the same time that Bitcoin was. Both of them were a response to the 2008 global crisis and both aimed to ensure that an event like that would never actually happen again.

Because of this, the FSB deserves some credit on policing governments and private actors to reduce the potential for a future economic crisis that can cause devastating effects on the world. If it depends on the organization, stablecoins will definitely be tightly regulated.

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

Avatar
Gabriel Machadohttps://bitcoinexchangeguide.com/
Brazilian journalist who is interested in the future of the financial world. Has a special interest in the blockchain technology and the global financial markets. Covers economic and technology news with a focus on the fintech industry and has been writing about the cryptocurrency market since the start of 2017.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

LEAVE A REPLY

Please enter your comment!
Please enter your name here

3,466FansLike
2,795FollowersFollow
4,234FollowersFollow

Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

Bitcoin Will Emerge Stronger Out of the Ongoing Crisis: Congressman Tom Emmer

It is the fact that no one has centralized control over Bitcoin that makes it stand out in comparison to fiat currencies that are...

Coca-Cola to Utilize Baseline Protocol For Supply Chain Tracking with Exposure to DeFi

Coke One North America (CONA) has partnered with Provide and Unibright to streamline the supply chain of the largest coca-cola bottlers in the region...

USD-Pegged Cryptos & BTC Continue to Rise in Contradiction to the Falling US Dollar

The US dollar is not having a good start in the second half of 2020. The dollar index, which measures the greenback against a basket...

Coinbase Wallet Integrates Unstoppable Domains; Send Payments Via .Crypto Addresses

Coinbase Wallet, a service rendered by US based Coinbase crypto exchange is extending its support for Unstoppable Domains according to an announcement made by...

Mad Rush to BTC Coming Soon as Barstool Sports' Dave Portnoy Declares ‘I Want to Buy All the Bitcoins'

Dave Portnoy, the founder of Barstool Sports, has now turned his attention to Bitcoin as he said, "I want to buy all the bitcoins." Portnoy...

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today