US Fed bank Governor to G20 finance meeting: Work quickly to keep up with rapid change brought by Bitcoin

posted about 2 months ago
US Federal Reserve banks governor Randal Quarles, who is also the Chair of the US Financial Stability Board, reportedly wrote a letter that was read at the meeting of G20 finance ministers, in Riyadh, Saudi Arabia. Quarles wrote that top finance ministers and central bankers around the world need to work quickly to keep up with the "rapid" changes brought about by Bitcoin and cryptocurrencies.

He also wrote "Technology is changing the nature of traditional finance, bringing innovations that create both potential benefits and risks… rapid progress may bring about new challenges. Financial Stability Board members recognize the speed of innovation in the area of digital payments, including so-called 'stablecoins'… We are resolved to quicken the pace of developing the necessary regulatory and supervisory responses to these new instruments."
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