Bank of England Governor Andrew Bailey was appointed to lead the G20-Crypto supervisor FSB
The Bank of England (BOE) Governor Andrew Bailey has been appointed to be the next chair of G20’s Financial Overseer, The Financial Stability Board (FSB).
The FSB’s nomination committee has come up with a recommend that Bailey take the role for a three -year term from the beginning of July, it said in A Statement on Monday.
The twenty (G20) group assigned FSB to coordinating the delivery of a regulatory framework for crypto assets. In July 2023, FSB completed its recommendations for the regulation of crypto-assets and global stablecoin repair, “with properties that could make threats to financial stability more acute,” the body The website said.
Bailey is currently head of FSB’s standing committee in the Supervisory and Regulatory Cooperation. In this position Bailey oversees FSB development Global Regulatory Framework for crypto asset activities And the Crypto-Asset Implementation Roadmap.
“Andrew has a proven track record of cooperation, led by the recent major initiative initiatives in the FSB reform, including crypto-assets and non-bank financial intermediation,” Klaas Knot, President of De Nederlandsche Bank and FSB chairman, said. “It is a good position to guide the FSB forward, with a focus on ensuring successful implementation of agreed reforms.” Knot’s term as FSB chair will end in June.
Since Bailey became Governor of Boe in 2020, the Central Bank led a crypto host and digital work. Boe is currently exploring a digital pounds and looking to fix stablecoins – tokens tied to other possessions – which can affect financial stability. Last year it said it would conduct a series of Central Bank Digital Currency and Shared Ledger experiments.
