The governor of the Bank of England (BOE), Andrew Bailey, has been nominated to be the next president of the G20 financial supervisor, the Financial Stability Board (FSB).
The FSB Nomination Committee agreed to recommend that Bailey assume the role for a period of three years from the beginning of July, said in a statement on Monday.
The twenty group (G20) commissioned the FSB to coordinate the delivery of a regulatory framework for cryptographic processes. In July 2023, the FSB ended its recommendations for the regulation of crypto-actives and the global stablecoins agreements, which have characteristics that can make threats to the most acute financial stability, “said the body’s website.
Bailey is currently president of the Permanent Supervision and Regulatory Committee of the FSB. In this position, Bailey supervised the development of the FSB Global Regulatory Framework for crypto-active activities and the implementation road map of crypto-active assets.
“Andrew has a proven history of promoting collaboration, after having directed FSB key reform initiatives, even in cryptographic assets and non -bank financial intermediation,” said Klaas Knot, president of Nederlandsche Bank and president of the FSB, in the statement. “This positions you well to guide the FSB forward, with an approach in guaranteeing the successful implementation of the agreed reforms.” The term Knot as president of FSB will end in June.
Since Bailey became governor of the BOE in 2020, the Central Bank has led a large amount of cryptography and digital work. The BOE is currently exploring a digital pound and is looking to regulate Stablecoins, tokens linked to other assets, which could affect financial stability. Last year he said that he would carry out a series of digital currency experiments from the Central Bank and distributed accounting books.
