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.

Ken Chigbo Independent Analyst

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.”

Author

Ken Chigbo

Independent Analyst

Ken has over 8 years exposure to the financial markets. He started his career as an analyst, covering a variety of asset classes; forex, fixed income, commodities and equities.

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