Positive news on G20 ❗️❗️
coordinating financial arrangements for the G20 countries and financial stability monitoring activities to ensure, Financial Stability Board, which is an international structure (Financial Stability Board) from some G20 countries, crypto regulation of their money as Bitcoin (to regulate) refused their request.
G20 member states' finance ministers and central bank managers, this year sent on the eve of the summit in Argentina and the FSB penned by chairman Mark Carney Report article, the examination results Crypto money, it emphasized that constitute a threat to the global economic system and regulations It was underlined that it was necessary to move more to the union than the demands of the people.
Carney, who also serves as the director of the Bank of England; FSB, the G20 members they discussed the points of concern on crypto currencies by countries, especially reported that the investigation of financial stability risks will arise with the rapid growth and loved it;
"The FSB's initial assessment is that crypto money does not pose a risk to global financial stability at this time."
"Considering the global financial volume, the crypto money market was less than 1% of the global volume handled, even in the period when it had the highest volume ... If the comparison would be made; Just prior to the 2008 global financial crisis, the nominal value of credit default swaps was 100% of global net worth. "
The investigation was handled by FSB current conditions, crypto currency, government-aided Fiat in comparison to currencies (Dollar, Euro, Pound, Turkish lira, etc.) in the real economy and the financial transactions are very very small part, that is used in a limited part of the global financial system specified.
Carney said that this initial assessment could change if crypto-money starts to be widely used as a means of processing or payment of the financial system.
The explanations came just during periods when the crypto money markets were hotly debated among the G20 member states. The G20 is a forum in which the governments of the countries with the top 20 economies in the world and the executives of central banks participate. Japan is planning to put pressure on its colleagues in G20 for regulations that could prevent the use of cryptographic currencies, especially as previously reported. Financial authorities from Germany and France have also suggested introducing "unified legal regulations" on cryptographic currencies.
Carney said it is a fact that there are risk concerns over investment or that crypto money is being used in illegal activities. But the underlying technology of crypto-currency, reminded both economic efficiency and inclusiveness of the financial system that have the potential to increase the members of the G20 finance ministers and central bank to the principal.
Government officials of G20 member states are expected to organize meetings on Monday and Tuesday to discuss the issue of cryptographic money regulation.