G20 Puts Hold on Cryptocurrency Regulations

During the weeks leading up to the 2018 G20 Meeting in Argentina this week, the cryptocurrency market has endured a heavy drop in total market capitalization as investors awaited in uncertainty for bad news. Luckily for investors, the basic sentiment surrounding cryptocurrencies during the G20 conference is pretty indifferent.

G20 Meeting Argentina https://www.g20.org/en

The Financial Stability Board (FSB), who is in charge of coordinating financial regulation for G20 members, has stated that cryptocurrencies aren't problematic enough to design new regulation. All though the cryptocurrency market has experienced a tremendous amount of growth, especially in the closing months of 2017, the total market is worth less than 1% of global GDP.

The FSB has also stated there is not enough consensus internationally to enact new laws regulating crypto at the moment.

“The FSB’s initial assessment is that crypto-assets do not pose risks to global financial stability at this time. As its work to fix the fault lines that caused the financial crisis draws to a close, the FSB is increasingly pivoting away from design of new policy initiatives towards dynamic implementation and rigorous evaluation of the effects of the agreed G20 reforms.” FSB Chair Mark Carney

Carney, who is serving his last year on the FSB, is also the governor of the Bank of England and has been in support of increased regulations on cryptocurrencies in the past.

At this time the FSB thinks new regulations are not necessary but will continue to monitor the growth of the crypto industry and the financial risks that comes along with it.

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