Chairman of the Financial Stability Board: Regulators need to expedite digital currency rules

Randal Quarles, chairman of the Financial Stability Board (FSB), said today that global financial regulators are likely to fall behind due to the rapid innovation of the digital payment industry and therefore need to develop digital currency or "stable currency" rules more quickly. Quarles, who is also a member of the Federal Reserve Board, said that a working group is studying policies to address the risks and benefits of stablecoins. In addition, a possible regulatory response will be a public consultation in April.