Position on FSB Consultation on Stablecoin Arrangements (July 2020)

The Board has published on 14 April 2020 the paper "Addressing the regulatory, supervisory and oversight challenges raised by “global stablecoin” arrangements" in response to a call by the G20 to examine regulatory issues raised by “global stablecoin” arrangements and to advise on multilateral responses as appropriate, taking into account the perspective of emerging market and developing economies. The Board has sought the views of stakeholders on the issues and recommendations set out in the paper by 15 July 2020. In our position, we offer the Board, for consideration, ways to re-balance the risk analysis and to fine-tune the Recommendations. We also highlight a potential roadblock to the development of financial innovations such as stable coins.