$ 49,546
$ 1,583.1
$ 191.68
okex ads

Stablecoins Could Cause Regulatory Challenges for Nations says Randal Quarles

Randal K. Quarles, the chair of the Financial Stability Board (FSB), has said that the potential rise of stablecoins could cause regulatory challenges.

Join the fastest growing network on Telegram

“Although there is a small risk to financial stability today, there is no doubt the potential scale of stablecoins and other crypto-assets yet to emerge may pose regulatory challenges,” Quarles said at the European Banking Federation’s summit in Belgium on Thursday.

Quarles, who is also a governor and vice-chairman of the supervision department at the U.S. Federal Reserve, further said that the FSB has had discussions about regulating and supervising stablecoins and crypto-assets. 

“We have already begun work to identify which regulations exist that apply to stablecoins in our jurisdictions, and once that assessment is complete, we will report to the G20 on any appropriate actions that need to be taken to ensure that financial stability is not negatively affected by their [stablecoins’] introduction,” said Quarles.

The official made similar remarks earlier this year, saying that the emergence of crypto-assets could be a challenge for the agency, but that makes “the goal of a robust framework all the more important.”

About the author

A Nice Man

Related Posts

Leave a Reply


Subscribe To Newsletter

For updates and exclusive offers, enter your e-mail below.

Popular Posts

Dymic Digital Joins The Bitcoin Revolution
February 25, 2021By
Crypto ETF Race Is on with More Participants Joining In
February 25, 2021By
MicroStrategy purchases another $1 billion worth of Bitcoin, now owns 90,000 BTC
February 25, 2021By


Video Posts

How Blockchain And Digital Assets Can Be Used Commercially
February 24, 20210
Blockchain For Business Growth And Transformation
February 24, 20210

Crypto Stats

CryptoCurrencyUSDChange 1hChange 24hChange 7d
Bitcoin49,546 0.19 % 0.10 % 4.98 %
Ethereum1,583.1 0.37 % 3.60 % 14.22 %
Binance Coin246.63 0.37 % 2.56 % 50.73 %
Cardano1.120 1.82 % 7.45 % 26.43 %
Tether1.010 0.61 % 0.53 % 0.47 %
Polkadot33.21 0.36 % 2.29 % 4.00 %
XRP0.4623 1.10 % 2.13 % 13.83 %
Litecoin191.68 0.83 % 5.44 % 18.97 %
Chainlink27.17 0.02 % 4.71 % 15.75 %
Bitcoin Cash524.97 0.23 % 0.81 % 26.79 %