While the Cryptocurrencies and G20 was in the news last week where Japan urged its G20 counterparts to beef up efforts to prevent cryptocurrencies frauds, Bank of England Governor Mark Carney wrote a letter to G20 mentioning that the cryptocurrencies do not pose any threat to the world economies. Thus, in opposition to Japan’s request, Carney, who is chair of the Financial Stability Board (FSB), ignored calls from some of the G20 members to regulate cryptocurrencies like Bitcoin.
Carney’s letter which was addressed to G20 central bankers and finance ministers who will meet in Buenos Aires states:
“The FSB’s initial assessment is that crypto-assets do not pose risks to global financial stability at this time.”
The warnings against cryptocurrencies investment were brought under light by crypto regulators when they saw a surge in the cryptocurrency prices, making it vulnerable to frauds and scams.
Carney further added:
“As its work to fix the fault lines that caused the financial crisis draws to a close, the FSB is increasingly pivoting away from design of new policy initiatives towards dynamic implementation and rigorous evaluation of the effects of the agreed G20 reforms.”
What is Financial Stability Board (FSB) ?
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