Stellar Lumens (XLM) Forum with for newcomers and contributor's rewarded Check here

Crypto Assets Pose No Risks to Financial Stability, International Bankers Claim
  • 0 Vote(s) - 0 Average
  • 1
  • 2
  • 3
  • 4
  • 5

[Image: 740_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNv...5qcGc=.jpg]
International central banks and financial officials think that cryptocurrencies pose no significant risks to global economic stability, according to a report published by the Financial Stability Board (FSB) Wednesday, Oct.10.

The FSB — an international agency consisting of 68 local institutions such as central banks, watchdogs, and ministries of finance that prepares recommendations for global financial systems  — published a document called “Crypto-asset markets: Potential channels for future financial stability implications” with their findings.

As per the report, the bankers see no significant dangers in cryptocurrencies, as their total market capitalization was at $830 billion at its peak and has since dropped to $210 billion, which barely reaches 2 percent of the global value of gold. Still, the FSB urges regulators to watch the digital coins market closely amid its quick growth.

As well, the FSB includes a warning about possible price manipulations related to crypto, noting:

“Illiquidity, concentrated ownership, fragmented market structure, and other issues also make crypto assets potentially susceptible to price manipulation.”

In addition, the international agency stressed that the crypto industry raises some policy questions, such as consumer and investor protection.

The paper follows a previous FSB report from July that was presented to the G20 finance ministers and central bank governors. The organization had stated that cryptocurrencies would need in-depth monitoring due to the rapid development of the market, although they didn’t pose any threat at the moment.

In May, the International Monetary Fund (IMF) also stated it saw no risks from cryptocurrencies in regards to global markets financial stability. However, the IMF pointed out that they could pose some threats if they become more widespread without the relevant regulation.

by Ana berman

Possibly Related Threads...
Thread Author Replies Views Last Post
  IMF: Rapid Growth of Bitcoin and Crypto Will Impact Global Financial System crytocure 0 13 Yesterday, 03:18 AM
Last Post: crytocure
  Blockchain or Banks: Which has a Better Security for Financial Transactions? crytocure 0 13 13-10-2018, 01:30 PM
Last Post: crytocure
  Crypto Credit Cards: The Three Cards To Know crytocure 0 17 13-10-2018, 01:18 PM
Last Post: crytocure
  Humans to Become Nearly Redundant in Crypto Trading crytocure 0 20 12-10-2018, 12:55 PM
Last Post: crytocure
  Cryptocurrency Portfolio Management: How to Build a Solid Crypto Asset Profile? crytocure 0 62 09-10-2018, 10:11 AM
Last Post: crytocure
  Crypto.Com Will Ship Over 100,000 Crypto Visa Debit Cards in Asia in 2 Months crytocure 0 21 07-10-2018, 11:16 AM
Last Post: crytocure
  Binance Backs Plan to Create Crypto-Friendly Airports Around The World crytocure 0 29 06-10-2018, 03:30 PM
Last Post: crytocure
  Crypto-Malware Allows Scammers to Steal Bitcoin Through Fortnite crytocure 0 58 06-10-2018, 03:23 PM
Last Post: crytocure
  Survey: High-Earning Millennial Men are Most Interested in Crypto Investing crytocure 0 53 06-10-2018, 04:26 AM
Last Post: crytocure
  Tricks of the Crypto Trade: A Crypto Doctor's Diagnosis crytocure 0 28 05-10-2018, 12:29 PM
Last Post: crytocure

Users browsing this thread: 1 Guest(s)