G20 Finance Minister Reiterates "Global Stablecoin" Needs Assessment Before Launch

Following the recent G20 summit in Riyadh, a group of 20 finance ministers and central bank governors urged countries to implement FATF standards for cryptocurrencies and other virtual assets. The official communiqué issued on February 23 said that we reiterate our statement of October 2019 on the “Global Stablecoin” and other similar arrangements that such risks need to be assessed and properly addressed before they can begin operations.

While emphasizing previous arguments on asset classes, the finance ministers and central bank governors also reaffirmed their support for FATF as a global anti-money laundering (AML) / CFT standard-setting body to prevent and combat money laundering, terrorist financing, and proliferation financing. The document added, "We look forward to the April 2020 Advisory Report of the Financial Stability Board (FSB) on resolving the so-called 'global stablecoin' regulatory issues, and the July 2020 International Monetary Fund (IMF) 's inclusion of the currency sovereignty of member states Including macroeconomic impact reports, and the FATF report on AML and CFT risks in July 2020. "