FINANCIAL STABILITY BOARD OPENS CONSULTATION RE GLOBAL STABLECOINS

On 14 April, Ledger Insights reported that the Financial Stability Board (FSB) has published a 67-page document analysing global stablecoins – such as Facebook’s Libra – and inviting a response to its consultation by 15 July.  The FSB was established by the G20 in 2009 and is an international body that monitors and makes recommendations about the global financial system. The paper explores the potential vulnerabilities of stablecoins and the risks to financial stability.  The FSB has made 10 recommendations In relation to global stablecoins, and these include that they should have effective risk management for reserves, operational resiliency, cybersecurity and AML/CFT.

https://www.ledgerinsights.com/global-stablecoin-financial-stability-board-fsb-consultation/

The document is at –

https://www.fsb.org/wp-content/uploads/P140420-1.pdf

 

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Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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