As the entire crypto market is concerned about the security as well as risks issues around the crypto assets, it’s now actually for use to keep a better track of such factors.
Keeping this imperative point in mind, it has been requested to the Financial Stability Board(FSB) as well as global standard-setting organizations to keep a proper eye on the risks around crypto assets and monitor them regularly. This request was made by the G20 finance minister and the central bank governors. Published on the official website of Japan’s Ministry of Finance on 9th of June, this request was made in a joint communique.
The entire group of leaders while signing the document, had a common motive in mind and that was to urge relevant institutions to give greater consideration to crypto assets.
The joint statement signed by the leader’s states:
“We ask the FSB and standard setting bodies to monitor risks and consider work on additional multilateral responses as needed.”
WHAT ELSE DOES THE STATEMENT POINT TO?
The joint statement not only depicts to monitor the crypto assets but also especially points out that
“technological innovations, including those underlying crypto-assets, can deliver significant benefits to the financial system and the broader economy.”
Well as expected, after the implication of such optimism, the authors of the paper ended up raising some concerns over those technologies:
“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).”