The head of the Bank for International Settlements (BIS) stated that stablecoins are not credible for payments at scale. Stablecoin issuer regulations vary significantly across major jurisdictions, including Hong Kong, the UK and the EU, which adopt less restrictive approaches. These frameworks allow certain additional activities subject to separate authorizations and regulatory consent. Restrictions typically apply to the issuing entity rather than the wider corporate group. Additionally, a South Korean bank announced the use of Ripple for its payment services, while Pakistan is opening a licensing framework for cryptocurrencies.
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