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FATF Week Participants To Discuss Stablecoins and Their Risks

14 October 2019 08:33, UTC

On October 13, the FATF Week started, where representatives of 205 countries and jurisdictions, as well as the IMF, UN, World Bank and other organizations will discuss issues related to stablecoins and virtual assets, as well as the risks associated with them. The FATF will also brief the G20 on these issues.

The plenary meeting will hold discussions about the assessment of whether countries regulate the virtual assets industry in order to prevent crime and terrorism sponsorship.

The official press release states the following:

“FATF will receive reports from organizations including the IMF, World Bank, United Nations, OECD, OSCE, Egmont Group of Financial Intelligence Units, CARIN, EBRD, ECB, Europol, GIFCS, IAIS, the 9 FATF-Style Regional Bodies and other.”

According to the press release, the week’s results will be announced on Friday, October 18, at 12:00. Taking into account the statements of many politicians against stablecoins and their potential threats, an even tougher regulation may await the crypto industry. The FATF is an intergovernmental organization founded on the initiative of the G7 to develop a policy to combat money laundering, and is actively advocating tightening supervision from countries around the world.