The G20 finance ministers and central bank governors have asked the Financial Stability Board (FSB) and global standard-setting organization to monitor the risk around digital assets.
The request was made after the G20 meeting held in Fukuoka, Japan in June 9, 2019 through a joint communiqué published on the website of Japan’s Ministry of Finance.
The join points out that the technical innovations, including the underlying crypto-assets, can deliver significant benefits to the financial system and broader economy.
However despite the conclusion that crypto assets do not pose a threat to the global financial stability G20 finance leaders cautioned members that they should remain vigilant to risk including those related to consumer and investor protection, anti-money laundering (AML) and countering the financing of terrorism (CFT).
The body is also looking forward for the adoption of the Financial Action Task Force’s (FATF) interpretive Note and guidance on crypto assets.
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