Facebook’s plans to launch its cryptocurrency Libra this year has more than a few agencies in the European Union and the United States wondering what to do. While government bodies around the world are working to better understand crypto, regulations and laws pertaining to stablecoins aren’t being implemented quickly enough, according to a global finance watchdog.
In a letter to finance ministers and central bank governors from the G-20 meeting in Riyadh this week, Financial Stability Board (FSB) Chair Randal Quarles voiced his concerns regarding how quickly digital currencies are affecting the global economy while regulatory action struggles to keep up.
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