​​The G20 Financial Stability Board does not take cryptocurrencies seriously

​​The G20 Financial Stability Board does not take cryptocurrencies seriously

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While everyone froze in anticipation of what will be the result of the discussion of cryptocurrency regulations at the G20 meeting in Argentina, the Financial Stability Board (FSB) G20 does not express much interest in this topic. This was said by the head of FSB Mark Carney, who also runs the Bank of England (BoE), in a letter addressed to the finance ministers and heads of central banks of G20.

The council examined the potential threats to cryptocurrencies and concluded that there are no special risks: cryptocurrency assets at the end of 2017 accounted for only 1% of world GDP and have “limited connection with the rest of the financial system.”

In this regard, FSB recommends not to develop new special rules for cryptocurrencies, but to use existing ones for regulation.

Against the backdrop of regular restrictive measures in Asian countries and similar proposals in Europe, Carney’s statement gave crypto-market some optimism. Almost all cryptocurrencies are growing.

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