The G20 will not Regulate Cryptocurrencies

In London yesterday, The Financial Stability Board (FSB) which is the body that oversees financial regulation for G20 nations made it clear that it was not interested in looking into cryptocurrency regulation.

The body rather called for coordinated international cooperation in monitoring the fast developing and evolving technology.

The President of the FSB, Mark Carney said “the first assessment of the FSB is that currently, these crypto-assets do not pose a risk to global financial stability.” He made this known in a letter to finance ministers and governance of central banks which are to meet in Buenos Aires later today Monday, 19th March, 2018.

Mark will be vacating his current position at the FSB next year and he believes that his successor will be will be equipped to understand and navigate the world of crypto finance as it grows and gets more adoption.

In his letter, he states that the FSB will focus on current rules rather than creating new rules. He believes that current rules will suffice in the meantime.