Government Report In EU Re-Defines Cryptocurrencies
16 Luglio 2018 - 6:47PM
ADVFN Crypto NewsWire
Bitcoin Global News (BGN)
July 16, 2018 -- ADVFN Crypto NewsWire -- The Financial
Stability Board today delivered a report to G20 Finance Ministers
and Central Bank Governors outlining their approach to
crypto-assets.
The highlight was that
cryptocurrencies are currently not perceived as a threat, and
should not be prioritized for discussion at upcoming summits. While
making this statement however, the report did acknowledge that this
stance might change, with cryptocurrencies are developing at
lightning pace.
To keep up with developments the
FSB has established a framework to monitor the size and growth of
cryptocurrency markets.
“crypto-assets raise a host of
issues around consumer and investor protection, as well as their
use to shield illicit activity and for money laundering and
terrorist financing. At the same time, the technologies underlying
them have the potential to improve the efficiency and inclusiveness
of both the financial system and the economy.” - FSB Chair and
Governor of The Bank of England Mark Carney
Today’s report indicates that there
has not been a change in approach from the institution, and
cryptocurrencies will be allowed to continue developing freely, for
the time being at least.
More Research
Ahead
The FSB is not the only institution
keeping a close eye on cryptocurrencies. CPMI, the Committee on
Payments and Market Infrastructures has apparently conducted
significant work on applications of distributed ledger technology.
Meanwhile, IOSCO, The International Organization of Securities
Commissions has launched an ICO Consultation Network to investigate
concerns regarding Initial Coin Offerings.
There is still another big report
in the works through the EU’s The Financial Action Task Force,
which will inform the G20 on the connection between cryptocurrency
and money laundering and terrorism financing. It remains to be seen
whether the body will agree with the European Commission, who
published a report last month that found virtual currencies to be
of no greater risk here than traditional payment
systems.
By: BGN Editorial Staff
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