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Regulators Need To Get Up To Speed On Digital Currencies
Summary: According to Reuters, the chair of a global finance watchdog said that regulators are at risk of falling behind on innovating digital payments and need to establish rules for cryptocurrencies. Many central banks are worried that Facebook's plan to launch the Libra will reduce state control over money all over the world. Cryptocurrencies need to ...
According to Reuters, the chair of a global finance watchdog said that regulators are at risk of falling behind on innovating digital payments and need to establish rules for cryptocurrencies. Many central banks are worried that Facebook's plan to launch the Libra will reduce state control over money all over the world.
Cryptocurrencies need to be properly addressed before that start operating, wrote G20 finance ministers in their draft conclusions. U.S. Federal Reserve governor, Randal Quarles, believes it is the G20's priority to transition Libor interest rate benchmarks to safer rates by the central banks. Libor is soon to phase out by the end of 2021. Quarles also stated, the shadow banking sector needs "deeper understanding and coordination" with regulators since it now accounts for half of the global financial assets.
By Claudia Rivera
Tags: Central Banks,Facebook,G20,Libor,Libra
Link: Regulators Need To Get Up To Speed On Digital Currencies [Copy]
