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Thursday

29 October 2020

FSB Report Says Stablecoins Promote Financial Inclusion: Urges Regulators to Tighten Laundering Controls | Regulation Bitcoin News

FSB Report Says Stablecoins Promote Financial Inclusion: Urges Regulators to Tighten Laundering Controls | Regulation Bitcoin News


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FSB Report Says Stablecoins Promote Financial Inclusion: Urges Regulators to Tighten Laundering Controls.

The Financial Stability Board (FSB) says stablecoins have the potential to enhance the efficiency of the provision of financial services.

In a report, the FSB says activities associated with global stablecoins arrangements (GSA) “pose risks that can span across banking, payments, and securities/investment regulatory regimes both within jurisdictions and across borders.”Predictably, the report states that “depending on the facts and circumstances, specific money-laundering/terrorist financing risks may emerge” with the widespread use of stablecoins.

Meanwhile, the report lists other risks associated with stablecoins and these include the decentralised nature of stablecoin arrangements.

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