Global Watchdog Calls For Tough Regulation For 'Stablecoin'

Law360, London (November 4, 2019, 12:36 PM GMT) -- A forum of central bankers has called for new digital currencies to be held to the highest regulatory standards if they are to be introduced into financial markets and become subject to appropriate supervision.

The Financial Stability Board said on Friday that regulators should keep a particularly close eye on so-called stablecoins — a type of digital asset pegged to other, more stable indicators such as traditional currencies — which have potentially global reach, such as Facebook’s proposed Libra.

The global board said in a statement after a meeting on Friday that it take stock of existing regulation and supervisory practices to assess whether they are...

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