BIS Stresses the 'Essential' Need for International Coordination on Stablecoins, Warns of Regulatory Fragmentation and Dollarization Risks in Developing Countries

BIS Strongly Calls for International Cooperation. Pablo Hernandez de Cos, President of the Bank for International Settlements (BIS), stated on the 20th in a speech in Tokyo that international regulatory coordination on stablecoins is 'extremely important', and reiterated the call for countries to collaborate in building a regulatory framework. This was reported by Reuters and others. President de Cos explicitly stated that if regulations diverge by jurisdiction, it could lead to 'serious market fragmentation' or 'harmful regulatory arbitrage'. Furthermore, issuers like Tether and Circle...