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%
Related cryptocurrency news – Binance CEO: ‘We’re Still At The Beginning Of The Beginning’ Of Bitcoin Revolution
Support Our WorkWhy support us? We work 24/7 to provide simple summaries of the latest cryptocurrency news and developments from across the web. Crypto-News-TLDR relies entirely on contributions from readers to stay independent. BTC ETH XMR IOTA AION Alternatively, support us by using the following referral links: Exchange: Binance | Hardware Wallet: Ledger Browser: Brave | Free Bitcoin: Coinbase
Donate Bitcoin to this address
Scan the QR code or copy the address below into your wallet to send Bitcoin
Donate Ethereum to this address
Scan the QR code or copy the address below into your wallet to send Ethereum
Donate With MetaMask
Donate ETH With MetaMask
Alternatively, support us by using the following referral links:
CN [too long; didn’t read]
Summarised crypto news.