A global Supervisory body which was faced with many banking and market reforms after the financial crisis, said that he would be more focused on the revision of existing rules than to develop new ones.
The financial stability Board (FSB) that coordinates financial regulation for the countries “Big twenty” do not agree with the calls by some G20 members to pay special attention to the cryptocurrency.
In the past year, interest in digital currencies has risen due to the rapid growth of their prices in the last few months which has caused wariness on the part of regulators.
But in a sign of too small of a consensus for radical action, the FSB stated that to address gaps in monitoring data rapidly growing, but still tiny sector (less than 1 percent of global GDP), a need for greater international coordination.
“Initial evaluation of the FSB is that at present, scriptactive not present risks to global financial stability,” wrote the Chairman of the FSB mark Carney (Mark Carney) in a letter to Central bankers and Finance Ministers of the G20.
Recall that in the framework of the G20 summit scheduled meetings dedicated to the cryptocurrency, which will be held in Buenos Aires this Monday and Tuesday.
Carney, who is retiring next year, made it clear that his successor will control a more open oversight body, more concentrated on the revision of the rules than on the promotion of new standards.
So the representatives of the FSB will conduct a thorough analysis of whether the Supervisory body is “fit” to evaluate and rule changes.
In his message, Carney also outlined a list of rules that will be reviewed.
This year the FSB will assess whether it is possible to change the financial regulations so as to reduce the cost of investment in infrastructure, seen as a key sector to stimulate long term sustainable economic growth.
In addition, the financial stability Board will review the impact of existing regulations on the financing of small companies, and next year will report on the necessary changes.
