On March 18, on the eve of the G-20 discussion, the head of the Financial Stability Board (FSB) and the Bank of England said that the agency does not see a threat in digital currencies and related technologies.
"According to the FSB's assessment, crypto assets do not currently pose a risk to global financial stability, in particular because they are too small relative to the financial system. Even at their price peak, cryptocurrencies accounted for less than 1% of global GDP. By comparison, just before the crisis (2008), the notional value of credit default swaps was 100% of global GDP," said Mark Carney.
Carney also notes that the FSB has conducted a review of financial stability risks arising from the rapid growth of cryptocurrency assets. The Board concluded that the market continues to evolve rapidly and that this could change if digital assets become widely used or gain access to the very core of the regulated financial system.
Such widespread use and greater interconnectivity could, if it occurred without significant changes in regulation, lead to the risk of loss of integrity of the entire financial market, stability and security from cybercrime.
The Board will define indicators to better monitor financial stability risks posed by digital currencies.
The FSB head's opinion is completely different from that of the Japanese authorities, who firmly believe that the G-20 summit participants should develop strict rules to regulate the digital currency sector. The FSB, on the contrary, proposes to fill the gaps in the coordination of monitoring of this market.
“We are moving further away from the creation of new policy initiatives, giving preference to dynamic implementation and careful assessment of the effect of reforms adopted by the G20,” Carney said.
According to http://www.fsb.org
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