What is the G20?
The Group of Twenty (G20) is a leading forum of the world's major economies that seeks to develop global policies to address today’s most pressing challenges.
Countries of G20?
- European Union
- Argentina
- Australia
- Brazil
- Canada
- China
- Germany
- France
- Indonesia
- India
- Italy
- Japan
- Mexico
- Russia
- Saudi Arabia
- South Africa
- South Korea
- Turkey
- United Kingdom
- United States
Global Importance of G20?
In Crypto Importance of G20
G20 builds framework to monitor Crypto?
The Financial Stability Board (FSB), an international body tasked to monitor the global financial system while coordinating regulation for G20 nations, has published a new framework for monitoring cryptocurrency assets.
A cryptocurrency asset monitoring framework was developed by the Financial Stability Board in collaboration with the Committee on Payments and Market Infrastructures, in order to swiftly identify any and all financial stability issues.
FSB is going to monitor and mitigate any consumer and investor risks of the ICO growth, as well as the growing use of crypto as a payment method, crypto assets' price volatility and the general market volatility if crypto is compared to commodities, currencies and equities.
FSB has already submitted the framework to the G20 finance minister.
Moreover, the International Organization of Securities Commission is developing a crypto framework of its own for similar purposes
According to framework.
“The objective of the framework is to identify any emerging financial stability concerns in a timely manner. To this end, it includes risk metrics that are most likely to highlight suck risks, using data from public sources where available.”
According to the Bank of England governor Mark Carney
“While the FSB believes that crypto-assets do not pose a material risk to global financial stability at this time, it recognises the need for vigilant monitoring in light of the speed of market developments.”
“While the FSB believes that crypto-assets do not pose a material risk to global financial stability at this time, it recognises the need for vigilant monitoring in light of the speed of market developments.”
