On this particular topic, last year, the FSB issued high-level recommendations for the regulation, supervision, and oversight of global stablecoins, and we will report to the G20 this year on the progress achieved at both international and national levels. -8By their nature, cross-border payments are global and involve many other countries outside of the G20 membership.
Yet even though the policy responses by central banks were similar and extraordinarily accommodative, a few have already moved toward normalization. As we are likely to hear shortly from Stefan Ingves, the Riksbank has raised its policy rate to 1¾ percent from just 25 basis points since the middle of last year.