FSB: Will further study the challenges that stablecoins bring to emerging and developing economies
The Financial Stability Board (FSB) has announced that it will further study the challenges posed by stablecoins to emerging and developing economies. The decision was made during the FSB's plenary meeting held in Toronto on Friday, and the FSB is the sole decision-making body of the standard-setting and advisory organization. The FSB stated that cryptocurrencies pose special challenges to monetary policy and capital flow management in emerging market and developing economies (EMDE), and members discussed the relatively high adoption rates of global stablecoin arrangements in EMDE and the challenges posed by the risks. The FSB will further work on how to address these challenges. The FSB has been one of the main policy makers for global cryptocurrency policies. At last week's meeting, FSB members discussed areas of the cryptocurrency industry that were "worthy of further attention."
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