- After meetings in Saudi Arabia, Central Bank Governors have been trying to encourage nations to integrate FATF standards on cryptocurrencies.
- “We reiterate our statement in October 2019 regarding the so-called ‘global stablecoins’... need to be evaluated and appropriately addressed.”
After meetings in Riyadh, Saudi Arabia by G20, the Group of 20 Finance Ministers and Central Bank Governors have been trying to encourage nations to integrate FATF standards on cryptocurrencies.
It was stated in the official release:
“We reiterate our statement in October 2019 regarding the so-called ‘global stablecoins’ and other similar arrangements that such risks need to be evaluated and appropriately addressed before they commence operation.”
Despite ministers and central bank officials trying to urge countries on the matter in regards to the emerging asset class, they have been very vocal on their support for the FATF as a global standard-setting body. This helps prevent money laundering and terrorist financing. Furthermore, the document goes on to state:
“We look forward to the consultation report from the FSB on addressing regulatory issues of so-called ‘global stablecoins’ – April 2020, a report from the IMF on the macroeconomic implications including monetary sovereignty in its member countries – July 2020, and a report from the FATF on the risks to AML and CFT– July 2020.”
This news comes after the stability board chairman, Randal Quarles sent a letter to the finance ministers of the G20 which highlighted a roadmap for developments on stablecoins.
This is interesting as many lawmakers and regulators across the world are very excited to get started on the digital space, which has seen significant increases over the past ten years - specifically the past three years.
It will be interesting to see how this situation plays out. For more news on this and other crypto updates, keep it with CryptoDaily!