The Financial Stability Board (FSB), which supervises banks and financial networks, refused to create new rules for regulating bitcoin in favor of revising existing ones. According to Reuters, the statement was made in the framework of preparatory meetings before the G20 summit.
According to the chairman of the FSB Mark Carney, the authorities need to focus their efforts on filling the gaps in the data exchange that can help to regulate the rapidly developing but still “insignificant” against the backdrop of the global financial market system of cryptocurrencies.
“The insignificant capitalization of the cryptocurrency segment and the fact that they have extremely limited application in the real economy and financial transactions mean that their relationship with the rest of the financial system is limited. The initial analysis of the FSB showed that crypto-assets do not pose risks for financial stability in the world at present,” Carney wrote in a message to central banks and G20 finance ministers.
The chairman of the FSB also expressed his belief that his department, even if the leadership was changed, would not develop new standards for regulating cryptocurrencies, but would improve existing ones.
“The FSB goes further and further from creating new political initiatives, preferring dynamic implementation and careful evaluation of the effect of the G20 reforms,” he said.
Meanwhile, the market reacted positively to this statement and in a short time the bitcoin rate jumped by $1000. Altcoins followed, most of which came out into the green zone.
Recall, cryptocurrencies and cybersecurity for the first time were on the agenda of the G20 participants’ meeting, which precedes the autumn summit of the G-20 participating countries in Argentina.