The International Regulatory Strategy Group (IRSG), a UK think tank focused on developing a global regulatory framework for financial services, has set its sights on digital currencies. In Published report This Friday (8), a joint effort between The City UK And this Corporation of London It 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 the context of most central banks such as the US Federal Reserve, the Bank of England and the European Central Bank exploring the possibility of introducing digital versions of their currencies. In Brazil, the arrival of the digital real is under the care of the central bank.
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“There is an accelerating momentum behind the development of CBDCs. Many central banks are exploring how to establish CBDCs, and some have already done so,” says the think tank. On this basis, many such as “wider access, better record-keeping and more efficient payments” He notes that there are advantages.
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 in different markets to facilitate cross-border wholesale payments,” said Kay Swinburne, Chair of the IRSG.
“Realizing this vision will require global regulatory policies and cooperation.” The report identifies several recommendations, outlining how jurisdictions and practitioners can move forward in developing related rules over the next two years.
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via Reuters
