FSB raises pressure on stablecoins as firms abandon libra
Several major payment firms have distanced themselves from the project amid regulatory scrutiny
The Financial Stability Board (FSB) is investigating possible regulatory gaps that could be exploited by stablecoins – price-stabilised virtual currency – ratcheting up the pressure as several major backers of the libra project drop out.
In a letter to finance ministers and central bank governors, FSB chair Randal Quarles said a working group would investigate any necessary regulatory actions around stablecoins.
“The group’s work should inform policy approaches that harness the benefits of
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