G20 Leaders Say 'Stablecoin' Cryptocurrencies Need Clear Regulatory Guidance

MOSCOW (Pakistan Point News / Sputnik - 22nd November, 2020) G20 leaders agreed in their final statement following a two-day virtual summit that appropriate standards should be set for so-called "stablecoins," a type of cryptocurrency that seeks to peg their market value to an external reference point to smooth out price fluctuations.

"No so-called 'global stablecoins' should commence operation until all relevant legal, regulatory and oversight requirements are adequately addressed through appropriate design and by adhering to applicable standards," the statement read.

World leaders welcomed the reports on stablecoins and similar arrangements submitted by the G20-mandated Financial Stability board, the Financial Action Task Force (FATF) and the IMF.

"We look forward to the standard setting bodies engaging in the review of existing standards in light of these reports and making adjustments as needed. We look forward to the IMF's further work on macro-financial implications of digital currencies and socalled 'global stablecoins," they added.