G20 members see the benefits for the financial system with the technology behind cryptocurrencies
|- The G20 members were very much welcoming regarding the technology behind cryptocurrencies.
- It was however urged that the FSB keep a close on associated risks related to the market.
A joint statement was distributed by the Japanese Ministry of Finance from the G20 finance ministers/central bankers, requesting that the Financial Stability Board (FSB) carefully monitor the risks of crypto-assets.
The statement, however, did acknowledge the benefits that the technology behind cryptocurrencies, can bring to the financial system. It detailed its potential impact in improving the “global financial system and the broader economy.”
There was much emphasized about proper regulation of cryptoassets, stating for the FSB to “monitor risks and consider work on additional multilateral responses as needed.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.