Concerned about the risks that cryptocurrencies may have, several countries have asked for cryptographic asset regulation for the G20.
Mark Carney, chairman of the Financial Stability Board (FSB), said his organization does not consider cryptocurrencies a threat at this stage.
He told central bank governors and economic ministers of G20 members :
"The FSB's initial assessment is that crypto-assets pose no risk to global financial stability at present. And this, in part because they are small in relation to the financial system."
Less than 1% of GDP :
The set of cryptographic assets would be negligible on the whole of finance, and would be very little used for the real economy.
"Even at their recent peak, their combined market value was less than 1 percent of global GDP," he said. "In comparison, just before the global financial crisis (in 2008), the credit default swap reference value was 100% of global GDP.
Their small size and the fact that they do not substitute for money and that they are used very little for the real economy and financial transactions have limited the links with the rest of the financial system "
This intervention occurred the day before last two meeting with the representatives of the G20 countries, to analyze cryptographic currencies. These meetings were important for achieving global regulatio
