RATE Group | G20 Informed Stablecoins Could Pose Financial Stability Risk
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G20 Informed Stablecoins Could Pose Financial Stability Risk

16 Oct G20 Informed Stablecoins Could Pose Financial Stability Risk

Posted at 19:47h in Bitcoin News by

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G20 Informed Stablecoins Could Pose Financial Stability Risk

The Financial Stability Board has informed the G20 finance ministers and central bank chiefs of the risks stablecoins could pose to financial stability. Unlike crypto assets which do not pose financial stability risk at this time, stablecoins could pose a host of challenges.

Also read: Unicef Launches Cryptocurrency Fund

Financial Stability Risk

The Financial Stability Board (FSB) has provided the G20 finance ministers and central bank governors with a risk assessment of stablecoins. On Oct. 13, FSB Chairman Randal K. Quarles wrote them a letter which includes a section on the “Potential financial stability issues from global stablecoins.”

The letter references the G20 Leaders summit in Osaka, Japan, where the leaders asked the FSB to continue its work and advise them on any multilateral responses as needed. Quarles reiterated that crypto assets “do not pose a threat to global financial stability at this point, but that they remain vigilant to existing…

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