This article comes fromReuters、Crypto Briefing, original author: Huw Jones, Tom Wilson, Stefan Stankovic, etc.
Odaily Translator |
according toReutersOdaily Translator |
according toReutersMajor economies around the world need to fill gaps in their rulebooks to prevent digital currencies such as Facebook's planned Libra stablecoin from destabilizing financial stability, G20 regulators said, the report said.
Stablecoins are pegged to traditional currencies or a basket of assets and are used for payments or as a store of value. Spurred by social media giant Facebook's proposed Libra stablecoin, the Financial Stability Board (FSB) proposed Tuesday (April 14) that
10 suggestions
, proposing an internationally common approach to regulating global stablecoin (GSC) schemes.
The FSB said its recommendations were based on the principle of "same business, same risk, same rules", meaning that regardless of the technology used, they should face the same rules as other businesses with the same risks.
Existing financial rules, such as payments and customer checks, generally apply in whole or in part to stablecoins and address at least some of the risks they pose, the FSB said. But coverage can vary by country, exposing gaps in regulating cross-border stablecoins.
These proposals suggest flexible cross-border cooperation to avoid stablecoins bringing one jurisdiction into conflict with another.
“Relevant authorities should clarify supervisory powers where necessary and address potential gaps in their domestic frameworks to adequately address risks posed by global stablecoins,” the FSB said.
The FSB noted that stablecoin operators must effectively manage risk, be operationally resilient, have safeguards against cyber-attacks, and systems in place to deter money laundering and terrorist financing.
According to previous reports, several major supporters of Libra (including Visa, Mastercard and PayPal) have withdrawn after Libra was questioned by regulators and central banks of many countries. Regulators and central banks have said Libra cannot be launched until appropriate rules are in place.
Central banks say Facebook's potentially massive reach in cross-border payments will make it an instant, systemic rival to traditional currencies.
Facebook said last month that it was still planning to launch Libra but was also working on a digital version of the government-backed currency.
The Switzerland-based Libra Association, which will issue and manage the digital currency Libra, said it welcomes regulatory scrutiny. The association declined further comment.
The FSB also said that existing stablecoins, while small, do not pose a risk to financial stability, but this could change if usage increased significantly.
Currently the largest stablecoin, Tether, has a market capitalization of approximately $6.3 billion, but is still relatively small compared to Bitcoin. It is rarely used by people except for cryptocurrency trading.
Crypto BriefingThe FSB's public consultation will run until July 15, with the final report due in October.
secondary title
FSB's advice could be significant
The article stated that some of the contents of the FSB consultation document may raise concerns in the encryption community.
The FSB mentioned that “authorities should have the ability to mitigate risks associated with or prohibit the use of certain or specific stablecoins within their jurisdiction that do not comply with applicable regulatory and supervisory requirements.” The FSB suggested that relevant authorities should use the necessary powers to Supervise, control and, where necessary, prohibit any and all activities related to operating, issuing, managing, hosting and trading or exchanging GSCs. For clarity, the FSB defines GSC as a stablecoin with potential reach and adoption across multiple jurisdictions, and the potential to achieve significant transaction volumes. (Odaily note: Although the FSB consultation document did not explicitly mention Libra, many media believe that it falls within the definition of GSC.)
Tether CTO Paolo Ardoino told Crypto Briefing, “We welcome the FSB’s recognition of the role of stablecoins in the global economy and its consideration of financial technology innovation in the digital asset space.”
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