Leaders meet & discuss Bitcoin
This past weekend, at the G20 summit, it was told by an internation central banking group that Bitcoin & cryptocurrency do not pose a threat to the worldwide financial system.
However, it was also said that cryptocurrency could pose a risk to some financial sectors with greater use in the future.
“Crypto-assets raise a host of issues around consumer and investor protection”
-Financial Stability Board Chair Mark Carney told government finance chiefs in Argentina.
Carney did, on the other hand, push for the finance ministers to control the risks by working together to improve conduct, market integrity & cyber resilience in the cryptocurrency sector itself.
If improvements are not made, the advisory unit chief at the G20 summit warned that confidence in the worldwide financial system could shrink if threats continue to appear and cryptocurrency use and interconnectedness become more common.
Bull market follows
The Bitcoin market has bounced back in a bullish move following Chairman Mark Carney’s letter. Not just cryptocurrency, but Bitcoin specifically, surged more than 8% to $8,400 USD on Monday.
“The FSB’s initial assessment is that crypto-assets do not pose risks to global financial stability at this time. This is in part because they are small relative to the financial system,” Carney wrote.
More than 90 percent of the top 100 cryptocurrencies were gaining on Monday, according to Coinmarketcap.