More on that FSB news
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Mark Carney, Chairman of the international Financial Stability Board (FSB), has stated that cryptocurrencies do not yet pose a threat to global financial stability.
Carney, who is also Governor of the Bank of England, told the G20 last weekend in a letter that blockchain-based currencies are not large enough to cause any problems – though the day might come when they need more careful consideration.
‘The FSB’s initial assessment is that crypto-assets do not pose risks to global financial stability at this time. This is in part because they are small relative to the financial system. Even at their recent peak, their (cryptocurrencies) combined global market value was less than 1% of global GDP. In comparison, just prior to the global financial crisis (in 2008), the notional value of credit default swaps was 100% of global GDP.’
We can expect financial authorities to worry more as cryptocurrency become more popular. It’s a truism, for example, that central banks will worry about decentralised currencies. That’s certainly what seems to have Agustin Carstens, Chairman of the Bank of International Settlements, sweating recently (see https://medium.com/@CryptoInferno/bis-warns-of-digital-bank-runs-fb4cd1e7ea26).
If you need any clarification: buy high quality cryptos now, stash some for the long term, stay engaged with the community and be prepared.
Read more at https://www.ccn.com/cryptos-dont-pose-risks-to-global-financial-stability-fsbs-carney-tells-g20/
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