LONDON - Global financial regulators risk falling behind on rapid innovation in the digital payments industry and need to work more quickly to devise rules for crypto-currencies or “stablecoins”, the chair of a global finance watchdog said on Wednesday.
“FSB members recognise the speed of innovation in the area of digital payments, including so-called ‘stablecoins’, FSB Chair Randal Quarles said in a letter to finance ministers and central banks from the Group of 20 Economies . The FSB, made up of regulators, central bankers and governments from major economies, was created after the 2007-09 financial crisis to create an early warning system for risks in the finance industry before they become another global market meltdown.
“The official sector has warned that the question concerning Libor is when it will end, not whether it will end,” Quarles said. He said the shadow-banking sector now accounted for roughly half of global financial assets and needed “deeper understanding and coordination” among regulators.
Source: Tech Daily Report (techdailyreport.net)
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