August 19, 2022

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UK think tank seeks to establish global rules for digital currencies

UK think tank seeks to establish global rules for digital currencies

The International Regulatory Strategy Group (IRSG), a UK think tank, focuses on developing a global regulatory framework for services. Finance, has an eye on digital currencies. In Published report This Friday (8), a joint effort between The City UK And this Corporation of London sought to analyze legislative and regulatory considerations for globally viable central bank-issued digital currencies (CBDCs).

At first, it looks like rules for unfettered, open and competitive cross-border financial services based on digital currencies. This is in a situation where most central banks like the US Federal Reserve, the Bank of England and the European Central Bank are exploring the possibility of introducing digital versions of their currencies. In Brazil, the arrival of digital real Maintained by Central Bank.

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“There is an accelerating momentum behind the development of CBDCs. Many central banks are exploring how and why to install CBDCs and others have already done so,” says the think tank. This basis, he notes, has many advantages, such as “wider access, better record-keeping and more efficient payments.”

Digital currencies operating in different markets

The report, developed in collaboration with Clifford Chance (an international law firm based in London), discussed the cases for the use of digital currencies. “The key to realizing the full potential of CBDCs is to ensure they operate differently. Markets to facilitate cross-border lump sum payments,” said Kay Swinburne, chairman of the IRSG.

“Global regulatory principles and cooperation are essential Materialization This view”, he adds. The report identifies a number of recommendations, outlining how jurisdictions and practitioners can move forward in developing related rules over the next two years.

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Image: rawf8/Shutterstock

via Reuters