Crypto-currencies do not threaten world financial stability, says CFT head – Reuters
Digital currencies can not harm the world financial sector, said Mark Carney, chairman of the Financial Stability Council (G20), created by G20 countries in a letter to the financial leaders of the G20, who will meet at a meeting in Argentina on March 19-20.
“According to the initial assessment of the CFT, the crypto-currencies do not pose a threat to global financial stability at the moment,” Reuters quoted his statement on Sunday. In the future, the organization intends to focus on revising the current requirements for the crypto currency, and not on creating new ones, Karni added.
Earlier, the agency reported that finance ministers and heads of G20 central banks are concerned about the risks to global financial stability that can create crypto-currencies, and intend to propose possible measures for the international regulation of their market. In the draft statement for the meeting in Argentina, in particular, it was suggested “to strengthen the supervision of crypto-currency assets, the risks they represent, and also to study the need for possible joint actions”.
The finance ministers and heads of central banks (CB) of France and Germany in early February called for a detailed discussion of the topic of control over crypto-currencies at the G20 meeting.
Crypto currency is a kind of digital currency, the creation and control over the turnover of which is based on cryptographic methods. In particular, the concept implies work on the basis of blockbuster technology (a “chain of blocks”) – a decentralized database that is not associated with one common server.