Following the June 9 G20 meeting in Fukuoka, Japan, the G20 finance ministers, and central bank governors filed a request with the Financial Stability Board (FSB) – an international body that monitors and makes recommendations about the global financial system – to monitor cryptoassets-associated risks.
“We ask the FSB and standard-setting bodies to monitor risks and consider work on additional multilateral responses as needed,” reads the paper.
The authors of the document do not consider cryptos a threat to the global financial stability – at least not at present – but call for vigilance in the face of risks associated with issues such as money laundering, customer protection and financing of terrorism.
“While crypto assets do not pose a threat to global financial stability at this point, we remain vigilant to risks, including those related to consumer and investor protection, anti-money laundering (AML) and countering the financing of terrorism (CFT),” the authors write.
Except for the risks, the document acknowledges the potential benefits of blockchain for the economy. “Technological innovations, including those underlying crypto-assets, can deliver significant benefits to the financial system and the broader economy,” it reads.