“The emergence of crypto-assets may challenge any framework,” according to the Financial Stability Board.
The growth of cryptocurrencies as an asset class “may challenge any framework” for financial stability, according to remarks from the chair of the Financial Stability Board (FSB) on Feb. 10.
Speaking at a Bank of International Settlements’ (BIS) special governors meeting in Hong Kong, FSB chair, Randal K. Quarles, stated that the FSB “decided to undertake a review of its framework for assessing vulnerabilities to ensure that we are at the cutting edge of financial stability vulnerability assessment.”
According to the institution, this task of developing a framework to deal with evolving financial systems will not be easy, given that:
“developments like the emergence of crypto-assets may challenge any framework[.]”
The agency concluded that this challenge “makes the goal of a robust framework all…
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