IIF Authors

Status: Will be live at 06/17/2021 09:52

FRT 99: Cross-Border Payments and Global Stablecoin Arrangements, With the FSB’s Eva Hüpkes and Alex Stervinou


We speak with the Financial Stability Board’s Dr. Eva Hüpkes, Head of Regulatory and Supervisory Policies, and Alex Stervinou, Member of Secretariat. Eva and Alex unpack the FSB consultation on targets for enhancing cross-border payments, centered around speed, cost, inclusiveness, and transparency, and set out some of the baseline data and the next steps. The G20 roadmap for enhancing cross-border payments is the subject of the IIF and Emerging Payment Association Global Payments Forum, where IIF and EPA members and guests engage with global regulators (including the FSB) around these issues.

We also delve into the recent progress made on the supervision, regulation, and oversight of global stablecoin arrangements, such as the Diem (formerly Libra) project, proposed by Facebook and others, for a set of single-currency stablecoins with potentially wide cross-border reach. The IIF has previously submitted to the FSB on this topic and continues to closely engage around digital currency and digital money issues.