Chairman of the Financial Stability Board: cryptocurrencies require close scrutiny by regulators

Randal K. Quarles, Chairman of the Financial Stability Board (FSB), issued a statement in a letter to heads of state and government (expected to attend the G20 summit in Osaka on June 28 and 29): the widespread use of cryptocurrencies requires Close scrutiny by the regulatory body. Quarles did not mention Libra's name in the letter, but he warned that the wider use of new cryptographic assets for retail payment purposes requires closer scrutiny by the authorities to ensure they are subject to high standards of regulation.