International banks: Scriptactive not pose a threat to financial stability
According to the report published by the financial stability Board (FSB) on Wednesday, October 10, the international Central banks believe that cryptocurrencies do not pose a significant risk to global economic stability.
The financial stability Board, an international Agency composed of 68 financial institutions such as Central banks, regulators and Finance ministries, which prepare recommendations for global financial systems — has published a document titled “markets scriptaction: potential threats to financial stability.
In accordance with the report, the bankers see no significant dangers in crypto-currencies since their total market capitalization at the peak was a mere $830 billion and has since fallen to $210 billion, which barely reaches 2% of the global gold market. However, the FSB urged regulators to monitor closely the market of digital assets.
The FSB also warns about possible manipulation of rate cryptocurrencies, noting:
“Illiquidity, concentration of a large amount of cryptocurrency in the hands of large owners, the fragmented market structure — make scriptactive potentially susceptible to manipulation.”
In addition, the international Agency stressed that the cryptocurrency industry needs attention from the point of view of protection of consumers and investors.
We will remind, in March, the financial stability Board (FSB), a global Supervisory body, the G20 also stated that it does not consider cryptocurrencies as a destabilizing factor for the global financial market. In the letter the group addressed to the 20 banks and financial ministries, the Council Chairman mark Carney said the FSB will not concentrate on the creation of new regulations for the circulation of cryptocurrency, but will be engaged in the revision of existing rules.
Note that U.S. financial conglomerate Bank of America, on the contrary, openly declared in June that cryptocurrencies are a threat to their business.