G7 financial officials call on Financial Stability Board to step up crypto re...
Chaos on the crypto market in the wake of the Terra collapse caused a heightened sense of urgency among the ministers to continue regulatory process. The top financial officials from the Group of Seven (G7) largest advanced industrial economies has called on the Financial Stability Board to speed up crypto-asset regulation, Reuters reported Thursday, citing a copy of a communique it had obtained. The officials from Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States were meeting in Koenigswinter, Germany, following a G7 foreign ministers’ meeting earlier in the....
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France’s central bank has released a new report on financial stability in an era of digitization that multiple times touches on virtual currencies and blockchain technology. The report notes that the Banque de France is conducting its own research into the topic in cooperation with the Financial Stability Board (FSB), a body of central bank governors and government officials from the G-20 group of nations. The FSB highlighted its work in the area in February, and more recently, has been looking at the technology through the lens of financial innovation. According to a loose translation of....
An international body of regulators and government officials created in the wake of the 2008 financial panic is expanding its work on blockchain. Since as early as last year, the Financial Stability Board has been researching the tech and its impact on the global financial system. The most recent update from the group was in July, when it said it was exploring “possible steps to address potential risks” related to digital currencies. In a 3rd November speech at the Chatham House Banking Revolution Conference, FSB secretary general Svein Andresen suggested that the organization was....
The G20 has thus far restricted itself to merely keeping an eye on the cryptocurrency market, noting that it has found no compelling reason to strictly clamp down on the industry because it poses no “systemic risk.” The Financial Stability Board, which is made of treasury officials and central bankers from the Group of 20 […]
According to the IMF's executive board, the use of Bitcoin as legal tender carried “large risks” related to financial stability, financial integrity and consumer protection. Members of the executive board at the International Monetary Fund are urging lawmakers in El Salvador to no longer recognize Bitcoin as legal tender.The IMF reported on Tuesday that though digital payments had the potential to increase financial inclusion in the Central American nation, the use of Bitcoin (BTC) as legal tender carried “large risks” related to financial stability, financial integrity and consumer....
The Financial Stability Board (FSB) says it is working on a “robust” regulatory framework for crypto assets and will report its recommendations to the G20 finance ministers and central bank governors in October.
FSB to Present Robust Crypto Regulatory Framework to G20 in October
The Financial Stability Board (FSB), an international body that monitors and makes recommendations about the global financial system, released a statement Monday on the “international regulation and supervision of crypto asset activities.”
The G20 watchdog stated....