Cryptocurrency Market Risk Increases As Tether Migrates To New Blockchains

G20 finance leaders and central bank governors are asking the Financial Stability Board (FSB) to consider working on multilateral responses to crypto and to provide better risk monitoring. In the latest cryptocurrency news, we read more on the requests.

The G20 finance leaders asked the global-standard-setting organizations and the FSB as well to monitor risks that come out of using crypto assets. The request was made on June 9 and was published on Japan’s Ministry of finance website after the G20 meeting that took place in Fukuoka, Japan.

The G20 finance leaders which co-signed the document outlined that they urge relevant institutions to provide greater consideration to crypto assets:

 “We ask the FSB and standard setting bodies to monitor risks and consider work on additional multilateral responses as needed.”

The joint statement also noted that the ‘’technical innovations, including those underlying crypto-assets, can deliver significant benefits to the financial system and the broader economy.’’ This sentence was included in the co-signed document released after the G20 summit was held in July in 2018 in Buenos Aires. After the summit, the authors of the paper raised concerns over the 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).”

The latest statement shows that the involved parties are looking forward to the adoption of the Financial Task Force Interpretative Note (FATF) and the guidelines for crypto assets ‘’at its plenary later this month.’’ The G20 finance leaders also stated that they reaffirm the commitment they have to apply the previously amended FATF standards for crypto.

As reported in the altcoin news, the documents show that the finance ministers and central bank governors welcome all the work concerning crypto which is carried out by international regulatory bodies and the International Organization of Securities Commissions and the FSB. The blockchain analysis company Chainalaysis which was in direct contact with the global regulators explained that it will be surprising if the involved parties agree on anything during the new G20 summit this year.