Crypto will soon threaten global financial stability, FSB official says
2022/11/17 12:18
According to CoinDesk, recent market turmoil has given the Financial Stability Board (FSB) “all the more reason” to develop a globally consistent regulatory framework, an official said on Thursday.
The international body monitors and recommends standards for the global financial system, and is made up of major economies and institutions like the International Monetary Fund (IMF).
Rapid growth of crypto markets in the presence of structural vulnerabilities and incomplete regulations and supervision means that they will “soon reach a point where they represent a threat to the stability of the global financial system,” said Steven Maijoor, who is the chair of the FSB's working group on crypto assets.
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