Financial Stability Board Still Weighing Risks of Digital Currencies

Rage Comment : After the financial crisis, the G-20 summit established the Financial Stability Board to undertake the task of upgrading the global financial institution system. The agency has called for the early adoption of blockchain technology and the launch of technological exploration and development. However, so far, the agency is still carefully weighing the opportunities and risks of digital currencies to the financial system. Of course, it will continue to follow the established route and provide more relevant analysis and research reports to the world alone or in cooperation with standard setting organizations.

Translation: Annie_Xu

The Financial Stability Board (FSB) is an international body of central bank officials and financial regulators; its latest annual report shows that it is still evaluating the opportunities and risks of digital currencies.

The report, released this week, said the FSB’s work broadly followed previous statements in March that it was actively exploring the technology and its impact on the financial system.

“The FSB continues to engage in research in this area, considering the risks and opportunities arising from developments in financial technologies, the issues these technologies raise for public institutions, possible options for addressing potential risks, and opportunities for collaboration within the FSB and with standard-setting bodies to deepen analysis and develop supervisory advice.”

The FSB revealed its work earlier this year, and in February, Reserve Bank of India deputy governor Subhash Sheoratan Mundra gave a presentation and provided a lot of details.

The FSB’s current chairman, Mark Carney, also the former governor of the Bank of England and Bank of Canada, revealed details of the central bank’s blockchain work earlier this month.

The FSB was established at the 2009 G-20 summit of international organizations following the financial crisis.