The G20 diverges on the regulation of cryptocurrencies

French Finance Minister Bruno Le Maire (R) looks on before the G20 Finance ministers group photo at the IMF headquarters in Washington, DC on October 12, 2017. / AFP PHOTO / ANDREW CABALLERO-REYNOLDS

This Sunday, there was talk of cryptocurrencies on the sidelines of the meeting in London, Financial Stability Board (FSB).

The body that coordinates financial regulation for the G20 countries has rejected calls (much to the relief of the markets?) From several countries that demanded regulation of cryptocurrencies, such as bitcoin.

The FSB, however, stressed the need for greater international coordination in monitoring these rapidly evolving technologies, which still represent a tiny sector equivalent to less than 1% of global gross domestic product.

« The first assessment of the FSB is that currently, these crypto-assets do not pose a risk to global financial stability, » said Mark Carney, president of the FSB, in a letter to finance ministers and governors of central banks, which will meet in Buenos Aires on Monday and Tuesday.

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