The rapid development of crypto assets such as Bitcoin could one day make them a threat to the financial system, said Mark Carney, chairman of the Financial Stability Board, in a letter to the group of 20 CFOs.
Greater use and interconnectedness, if executed without significant improvements in behavior, market integrity and cyber-attack resilience, could create financial stability risks through trust effects, "Carney wrote, his letter, which was released Sunday distributed to a meeting of finance ministers of the G-20 and governors of central banks in Buenos Aires.
Carney, who is also Governor of the Bank of England, has requested more regulation early this month to rule the era of cryptocurrency " In its G-20 letter, Carney said the FSB will look for metrics and data gaps to monitor the growth of crypto assets and identify new threats to financial stability.
Assets are not risks to financial stability, in part because they are always no. In relation to the financial system Even at their recent peak, their combined global market value has been less than 1
Carney's letter also said that regulators will be releasing a post evaluation by November-legislation for the use of clearing houses in the global swap market. The review will address the issue of "whether there are unintended consequences, in particular with regard to the cost and availability of grubbing-up".
– With support from Silla Brush