The advancement of crypto as an asset class “may challenge any framework” for financial stability, according to comments made by the chair of the Financial Stability Board (FSB) on February 10.
Talking at a Bank of International Settlements’ (BIS) special governors meeting that was held in Hong Kong, FSB chair, Randal K. Quarles, remarked that the FSB “decided to undertake a review of its framework for assessing vulnerabilities to ensure that we are at the cutting edge of financial stability vulnerability assessment.”
According to the organization, this job of advancing a framework to deal with evolving financial systems will be a daunting challenge, given that:
“developments like the emergence of crypto-assets may challenge any framework[.]”
The agency settled that this task “makes the goal of a robust framework all the more important.”
The FSB is an international body made up of financial institutions, such as central banks and regulators, that issues regulation recommendations.
This report is in contrast with a statement that the FSB made public in October last year. In the previous document, the agency disclosed that cryptocurrencies pose no substantial risk to global financial stability.
- Hyundai Commercial Works With IBM for Blockchain Development 15 February 2019
- SEC Begins Review of NYSE Arca’s Bitcoin ETF Rule Change 15 February 2019
- Government Involvement Key to Crypto’s Success, Says Terry Duffy 15 February 2019
- Bradesco Closes Accounts of Local Crypto Exchange and Owners 15 February 2019
- JPMorgan Chase to Introduce “JPM Coin” 14 February 2019
Blockchain4 days ago
Santander Reaches $700 Million Deal to Use IBM’s Blockchain Tech
Blockchain5 days ago
Blockchain Can Make Government “Incapable of Being Bribed” Says Overstock CEO
Cryptocurrency4 days ago
JPMorgan Chase to Introduce “JPM Coin”
Business4 days ago
Business Still Profitable, Says Binance CFO