Financial Stability Board (FSB), the international consultancy body set up by G20, issued its highly anticipated cryptocurrency report on Wednesday. At the moment, digital currency assets are not a threat to the global financial system as the crypto market is relatively small, but its rapid expansion requires careful oversight, FSB said and thus reaffirmed its previous position.
The consulting body analyzed several key issues in the report: market risks from volatility, low liquidity, the use of leverage, and significant operational risks. The overall assessment is that virtual coins lack common characteristics of sovereign money because people do not use them as a store of value, means of payment, or general unit of account. However, the crypto market is in the process of quick change with the rapid growth of exchanges, the involvement of more retail investors, and the introduction of new instruments such as virtual coin funds and exchange-traded ...
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