Bank’s president Christine Lagarde is among those to warn of dangers of model
Stablecoin is a cryptocurrency pegged to a fiat currency. Stock image: Getty
Bloomberg
The European Central Bank (ECB) is winning support for a ban on stablecoins issued jointly in the bloc and other jurisdictions, setting the scene for a clash over how operators like Circle Internet Group Inc and Paxos Inc manage their activities across borders.
The European Systemic Risk Board (ESRB), charged with guarding Europe’s financial system, last week passed a recommendation to ban so-called “multi-issuance” stablecoins, people familiar with the discussions said, asking not to be identified discussing non-public information.
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