The Financial Stability Board, G20’s global watchdog, does not consider cryptocurrencies a risk to financial stability. In a letter to the Group of 20 central bankers and finance ministers, its Chair Mark Carney said FSB was pivoting away from designing new policies and focusing on reviewing existing rules. His comments suggest there is no G20 consensus on common crypto regulations, despite calls from member-states for adopting global guidelines.
Related links:
Official G-20 Site: https://goo.gl/n7mJMz
Bitcoin News: https://goo.gl/kNzmjJ
News BTC: https://goo.gl/4GJ6Ca
CoinTelegraph: https://goo.gl/QPuMN7
RT: https://goo.gl/pbKXFU
Forbes: https://goo.gl/dEoE8L
BitcoinArgentina.org group: https://goo.gl/1dhJRS
Reddit: https://goo.gl/eQW9Ss
Mark Carney, the serving governor of the Bank of England, recently called for greater regulation of cryptocurrencies. “The time has come to hold the crypto-asset ecosystem to the same standards as the rest of the financial system,” he stated in a speech earlier this month. Carney described the volatility associated with crypto markets as “speculative mania”. Commenting on the possibility of adopting global crypto rules, he admitted the regulation would likely be on a country-by-country basis.
Carney will stand down as FSB’s Chair next year, when his term as Governor of the Bank of England ends. The G20 summit will take place in the Argentine capital Buenos Aires on March 19-20.
A few months back, the SEC took a crypto friendly approach on cryptocurrencies which saw more confidence from investors, followed by a rise in global prices.
A similar move in prices can be expected should the G20 go in favour of cryptocurrencies.
Do you think cryptocurrencies don’t risk global stability as the Governor of the Bank of England declares? Also, what do you think will be the outcome of the G20 summit on cryptocurrencies?
