The Bank of England is seeking to partner with its international counterparts to put in place stricter regulations for digital currencies, a top central bank official has revealed.
In this week’s CoinGeek Pulse, Shenzhen residents receive digital yuan in People’s Bank of China’s red packet giveaway, G20 wants to set standards for sovereign digital currencies, and James Belding gave an online demonstration of the Tokenized platform.
While recognizing the rise in prominence of CBDCs, the Financial Stability Board is challenging the effectiveness and comprehensiveness of the existing financial regulations.
The Financial Stability Board published a list of recommendations in a bid to shape a common global response to regulating stablecoins.
Sarah John urged reserve banks to move more quickly towards developing and deploying crypto payment solutions..
The Financial Stability Board has just added Ryozo Himino, a cryptocurrency expert, to its team that could prove to be very lucrative for the future of global adoption of digital currencies.
According to Randal K. Quarles, new chairman of the Financial Stability Board, cryptos could challenge all the financial frameworks we’ve already adopted.
At this point there was no need for further cryptocurrency regulation since the total turnover of these currencies have very little, if any, effect on the current financial markets as they are, according to FSB President Mark Carney.
