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G20 Finance Leaders: Stablecoins Present Serious Regulatory Risks

“The G20 finance chiefs of the world agree that global stablecoins give rise to a set of public policy and regulatory risks” writes Joeri Cant for cointelegraph.com. Per the report, the nations agreed that global acceptance of stablecoins will give rise to a set of serious public policy and regulatory risks.G20 finance ministers stated: Bank of Japan’s Governor Haruhiko Kuroda said that the G20 summit will begin with a debate regarding stablecoin regulations — following proposals from global regulatory bodies like the Financial Stability Board and the Financial Action Task Force.It could have a broader impact on monetary policy and financial system stability.” The news follows a recent report by the G7 task force stating that stablecoins such as Facebook’s Libra present a significant risk to the global financial system. In the report requested by the G7 finance ministers and central bank governors, the task force confirmed that the group of the seven wealthiest nations would not allow any global stablecoin to launch without addressing related challenges and risks.
 
Source: cointelegraph.com



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