Digital assets pose no threat to global financial stability, at least not right now, according to the Financial Stability Board.
“Based on the available information, crypto-assets do not pose a material risk to global financial stability at this time,” according to the new report. “However, vigilant monitoring is needed in light of the speed of market developments.”
While no threat now, that could change as crypto-assets “evolve.” The report foresees a greater need for consumer and investor protection, strong market integrity protocols and regulatory measures to prevent tax evasion, among many others.
The Swiss-based group, currently led by Bank of England Gov. Mark Carney, coordinates the work of national financial authorities and international standard-setting bodies.