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The payments landscape for community banks is changing rapidly as traditional payments converge with new instant payment systems and emerging cryptocurrencies. It is critical for Community Banks to maintain awareness of developments in the payments space to assess new opportunities, mitigate risks, and ensure that their payment strategy aligns with overall business plans.
Oct. 08, 2021
The Financial Stability Board issued a progress report on its implementation of high-level recommendations on regulating “global stablecoin” arrangements.
Details: The report says:
Guidance: The Committee on Payments and Market Infrastructures and the International Organization of Securities Commissions this week separately issued joint guidance clarifying that international standards for payment, clearing, and settlement systems apply to stablecoin arrangements.
Next: The U.S. President’s Working Group on Financial Markets is expected to issue recommendations on regulating stablecoins as soon as this month. Meanwhile, the Federal Reserve Board is working on a separate report to seek public input on stablecoins and a U.S. central bank digital currency.
Background: Recent ICBA blog posts detail growing stablecoin risks to consumers and the financial system, how policymakers are responding, and what decentralized finance means for community banks.