Carney On Eve of G20: Cryptos Don’t Pose Risks to Financial Stability

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An international group of central bank regulators and government ministers said Sunday that cryptocurrencies don’t pose a risk to global financial stability, comments that come on the eve of talks on the subject by the G-20.

in a letter published on March 18, Financial Stability Board chairman Mark Carney, who also leads the Bank of England, said that the organization doesn’t see the tech as a threatat least at this juncture.

Carney wrote:

The FSB’s initial assessment is that crypto-assets do not pose risks to global financial stability at this time. This is in part because they are small relative to the financial system.

Even at their recent peak, their (cryptocurrencies) combined global market value was less than 1% of global GDP,” მან გააგრძელა. “In comparison, just prior to the global financial crisis (in 2008), the notional value of credit default swaps was 100% of global GDP.

Their small size, and the fact that they are not substitutes for currency and with very limited use for real economy and financial transactions, has meant the linkages to the rest of the financial system are limited.

While the note is mostly in line with Carney’s previous comments on the limited impact of cryptocurrencies on the global financial system, the letter offers a window into where the discussions around this area may head to at the G20 meeting this week. როგორც ადრე იუწყებოდნენ, government officials will meet Monday and Tuesday in part to talk cryptocurrencies, an agenda item that has been deemedimportantin a bid to reach acommon responseto regulation.

As acknowledged in Carney’s letter, a number of major countriesFrance, Japan and the U.S. among themhave called for a unified response to speculation around cryptocurrencies. Most recently, Japanese officials reportedly expressed interest in joint efforts around money laundering.

ნამდვილად, some of those calling for action seem to share Carney’s assessment as well. როგორც ადრე იუწყებოდნენ, U.S. Treasury Secretary Steve Mnuchinwho supports an international approach to regulationhas said in the past that he doesn’t view cryptocurrencies as a threat to financial stability.

Mark Carney სურათი მეშვეობით Shutterstock

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https://www.coindesk.com/financial-stability-board-downplays-crypto-impact-on-global-finance/

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