Financial Stability Board warns G20 of risks of cryptocurrencies and stablecoins

The Financial Stability Board (FSB) submitted its mid-term report to the G20, currently chaired by South Africa. In a brief letter to G20 finance ministers and central bank governors, FSB Chair Andrew Bailey focused on four key topics: cross-border payments, crypto-assets and stablecoins, implementation monitoring, and artificial intelligence. Cross-border payments and crypto-assets were given top priority. Last week, the FSB noted that while much work has been completed in the cross-border payments area, the 2027 targets remain elusive. Progress has been limited.