Financial Stability Board: Crypto Could ‘Challenge Any Framework’
The growth of cryptocurrencies as an asset class “May challenge any framework” for financial stability, according to remarks from the chair of the Financial Stability Board on Feb. 10.
Speaking at a Bank of International Settlements’ special governors meeting in Hong Kong, FSB chair, Randal K. Quarles, stated 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.”
“Developments like the emergence of crypto-assets may challenge any framework[.]”. The agency concluded that this challenge “Makes the goal of a robust framework all the more important.”
The FSB is an international body comprised of financial institutions, such as central banks and regulators, that issues regulation recommendations.
In the previous document, the agency stated that cryptocurrencies pose no significant risk to global stability.
Adrian Zmudzinski’s original article for cointelegraph.com reduced by 31%
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