Financial Stability Board: Cryptocurrencies pose no risks to the global economy Financial authorities, including central banks, supervisors and finance ministries, believe that cryptocurrencies do not pose risks to economic stability in the world. This is evidenced by a document published by the Financial Stability Board on October 10.

Financial Stability Board: Cryptocurrencies pose no risks to the global economy

Financial authorities, including central banks, supervisors and finance ministries, believe that cryptocurrencies pose no risks to global economic stability. This is evidenced by a document published by the Financial Stability Board on October 10.

The FSB, which includes 68 agencies and institutions, prepared a report entitled “Crypto Asset Markets: Potential Implications for Future Financial Stability”, where it indicated that the capitalization of the cryptocurrency market has decreased from a peak of $ 830 billion to the current $ 210 billion, which corresponds to the value of 2% of the world's gold, which makes the new asset class unlikely to be viewed as a significant threat to the global economy.

However, the FSB is urging regulators to keep an eye on this market. “Lack of liquidity, concentrated ownership, fragmented market structure and other problems make crypto assets vulnerable to price manipulation,” the document says..

The international organization also emphasizes that a number of policy issues are related to the cryptocurrency industry, such as consumer and investor protection..

In July, the FSB prepared another report on cryptocurrencies, which was presented to the finance ministers and central bank governors of the G20 countries. In it, the organization noted that cryptocurrencies require close monitoring due to their rapid development, but still do not pose a threat to the global financial system..

Recently, the International Monetary Fund stated that the spread of cryptocurrencies could create "vulnerabilities" in the global economy.

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