Mark Carney: Crypto-assets do not pose risk to global financial stability

Letter to G20

Tom Eckett
clock • 1 min read

Financial Stability Board (FSB) chairman and Bank of England governor Mark Carney has adopted a more relaxed approach to crypto-assets, saying they do not yet pose a risk to global financial stability.

In a letter to G20 finance ministers prior to their meeting in Argentina, Carney said the technology underlying cryptocurrencies had the potential "to improve the efficiency and inclusiveness" of both the financial system and the economy. However, the chairman added this assessment could change if cryptocurrencies become more widely used or connected with the regulated financial system. He said digital currencies presented a number of issues surrounding investor protection and the ability to "shield illicit activity" such as laundering money and financing terrorism. "The FSB's init...

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