G20 Fiscal Supervisory Authority: Does Not Take Measures Against Cryptocurrencies

According to Reuters reports, the regulators responsible for financial and market reforms after the economic crisis stated that they will reiterate existing rules instead of focusing on new ones.

The Financial Stability Board (FSB) is the financial regulator responsible for the G20 member states. For some member states to call for the supervision of Bitcoin and other cryptocurrencies, the FSB expressed its opposition. Last year the people of encryption currency interest rose, its price soared, but a few months ago encryption currency price suddenly drops, which also attracted the attention of a number of national regulatory bodies.

FSB Chair Mark Carney said in a letter sent to the G20 central banker and the Treasurer: “The FSB’s initial assessment is that crypto-assets do not pose risks to global financial stability at this time.” We met in Buenos Aires this Monday and Tuesday.

Carney will step down as chairman of the FSB next year, saying that his successor will focus on reviewing existing rules instead of introducing new rules and standards. He said: “As its work to fix the fault lines that caused the financial crisis draws to a close, the FSB is increasingly pivoting away from the design of new policy initiatives towards dynamic implementation and rigorous evaluation of the effects of the agreed G20 reforms.”