LONDON: The world's leading economies need to plug gaps in their rulebooks to avoid digital currencies like Facebook's planned Libra stablecoin from undermining financial stability, the Group of 20 Economies' regulatory watchdog said on Tuesday .
Existing financial rules, such as for payments and customer checks, generally apply in whole or in part to stablecoins and address at least some of the risks they generate, the FSB said. Stablecoin operators must effectively manage risks, be operationally resilient, have safeguards against cyber attacks, and systems for stopping money laundering and terrorist financing, it said.
The company said last month it was still planning to offer the Libra token but was also working on digital versions of government-backed currencies.
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