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Global stablecoin regulatory response 'must match' cross-border phenomenon, says BOE's Bailey

By Fiona Maxwell ( September 3, 2020, 16:08 GMT | Insight) -- The regulatory response to global stablecoins, which include Facebook's Libra, must match the cross-border nature of the phenomenon with standards grounded in internationally agreed rules, Bank of England Governor Andrew Bailey said today. Given the nature of stablecoins — which “can be operated in one jurisdiction, denominated in another’s currency and used by consumers in a third” — an appropriate regulatory response is one that corresponds to these risks, he said.The regulatory response to global stablecoins must match the cross-border nature of the phenomenon with standards grounded in internationally agreed rules, Bank of England Governor Andrew Bailey said today....

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