Mark Carney: Crypto-assets not a risk to global financial stability

Letter to G20

Tom Eckett
clock • 1 min read

Financial Stability Board (FSB) chairman and Bank of England governor Mark Carney has adopted a more relaxed approach to crypto-assets, saying they do not yet pose a risk to global financial stability.

In a letter to G20 finance ministers prior to their meeting in Argentina, Carney said the technology underlying cryptocurrencies had the potential "to improve the efficiency and inclusiveness" of both the financial system and the economy. However, the chairman added this assessment could change if cryptocurrencies become more widely used or connected with the regulated financial system. He said digital currencies presented a number of issues surrounding investor protection and the ability to "shield illicit activity" such as laundering money and financing terrorism. "The FSB's init...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Specialist

Meet the ESG Investment Influencers: Alasdair Wilson of The Verve Group

Meet the ESG Investment Influencers: Alasdair Wilson of The Verve Group

Latest in the series from PA's sister title Sustainable Investment

Professional Adviser
clock 20 December 2022 • 1 min read

Simone Gallo: When MiFID II and ESG collide

'No stone will be left unturned by regulators'

Simone Gallo
clock 12 October 2020 • 2 min read

Mark Carney: Crypto-assets not a risk to global financial stability

Letter to G20

Tom Eckett
clock 19 March 2018 • 1 min read