Chairman of the Financial Stability Board wrote to the G20 Group Finance Minister: The introduction of global stable currency will bring a series of regulatory challenges

On October 14th, Randal Quarles, chairman of the Financial Stability Board, warned in a letter to the G20 group finance minister that the G20 had previously pointed out that crypto assets are not currently posing a threat to global financial stability, but the introduction of global stable currency will be brought A number of regulatory challenges (consumer and investor protection, data privacy and protection, cybersecurity and operational risk, etc.) have emerged. These challenges posed by cryptocurrencies should be assessed and addressed as a priority. The G7 Stabilization Coin Working Group is conducting a preliminary assessment of the opportunities and challenges presented by the Global Stabilization Coin. The G7 Working Group will hand over the work on regulatory issues to the FSB, which is assessing how the existing regulatory framework applies to global stable currencies and whether any regulatory gaps need to be filled. The FSB has set up a working group to review relevant regulatory issues. In addition, the FSB is in the process of submitting a statement on the global stable currency to the G20 Finance Minister and the Central Bank Governors Meeting in October 2019. The FSB will submit relevant advisory reports to the G20 Finance Minister and the Governor of the Central Bank in April 2020 and submit the final report in July 2020.