News

Cryptocurrencies Not a Risk

(G20 Financial Chairman, FSB)

Mark Carney, the Financial Stability Board (FSB) Chairman says, to the finance ministers of the world’s largest economies (Japan, Germany, Australia, Brazil, Canada etc.) that Cryptocurrencies "Do not pose any risk" to the global financial system. (In the 2-Day G20 Summit in Argentina)

Cryptocurrencies were set to be a sizzling topic among the Summit, as many different countries have conflict in the last 9 months to attempt to regulate the digital assets.

France and Germany have made it a point to call for discussions of Crypto-Currency at the summit, as well as Japan.

Nigel Green, the founder, and CEO of DeVere Group (Independent financial Consultancy) says, "Nearly all foreign exchange transactions go through banks or currency houses, and this is also needs to happen with cryptocurrencies. When flows run through regulated exchanges, it will be much easier to tackle potential offense, such as money laundering, and make sure tax is paid."

FATF (Financial Action task Force) will continue its work on FinTech and virtual currencies, including considering how to promote and ensure a more coherent and consistent approach by countries to mitigating the risks and supporting financial innovation.

"The difference between succeeding and failing is consistency."