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Investing.com -- Bank of England Governor Andrew Bailey has pledged to strengthen the global policy response to emerging threats from private finance and the increasing use of stablecoins.
As chair of the Financial Stability Board (FSB), Bailey outlined plans in a letter to the Group of 20 nations to make the FSB’s surveillance "more flexible and quicker to recognise, and respond to, emerging vulnerabilities."
"Whether it is the rise of private finance, the implications of geopolitical tensions, or the increasing role of stablecoins for payment and settlement purposes, our ability to detect and address emerging risks is critical," Bailey stated in his communication delivered before the G20 meetings taking place this week.
Bailey highlighted ongoing concerns about stablecoins, noting that "gaps remain in addressing financial stability risks and few have finalised regulatory frameworks for global stablecoin arrangements."
He specifically warned about the potential for "regulatory arbitrage" in this space.
The FSB plans to conduct "open and frank discussions among members" regarding next steps and will "increase outreach to the private sector to benefit from their expertise and perspectives on risks and vulnerabilities," according to Bailey’s letter.