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G20 Watchdog Releases Framework To monitor Bitcoin

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The Financial Stability Board of the G20 countries has revealed framework on how to “monitor the financial stability implications of crypto-assets markets.”

The Financial Stability Board says cryptocurrencies “do not pose a material risk to global financial stability” but supports their “vigilant monitoring.”

The announcement made on Monday by the FSB says that it “has developed a framework and identified metrics to monitor the financial stability implications of crypto-assets markets.” The framework was developed in collaboration with the Committee on Payments and Market Infrastructures ( CPMI ).

The FSB is an international body that monitors and makes recommendations about the global financial system to G20, an international forum for governments and central bank governors. The CPMI supports financial stability by promoting the safety and efficiency of payment, clearing, settlement and related arrangements.

“The objective of the framework is to identify any emerging financial stability concerns in a timely manner,” the report states, adding:

“The framework discusses the primary risks within crypto-assets and potential transmission channels to financial stability risks. The framework identifies which metrics the FSB might usefully monitor in the short-to-medium term.”

However the overall take home from their meeting is, the FSB does not believe crypto-assets pose a material risk to global financial stability, but does it supports “vigilant monitoring in light of the speed of developments and data gaps,”

How effective do you think this new framework would be in monitoring cryptocurrency?

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