Cryptocurrencies, no risk to the global financial system

Cryptocurrencies, no risk to the global financial system. The reassurances arrive on the eve of the opening of the work of the G20 in Buenos Aires.

Le cryptocurrency do not represent any risk for the global financial system: to support it, the preparatory work for the meeting which will involve the finance ministers of the major economies of the world, meeting for the G20 di Buenos Aires, and evidently well inclined to look at the sector with a less intransigent eye than it seemed.

Of course, this does not mean that uncontrolled use of this asset cannot create any headaches anyway. "The cryptographic assets raise a number of problems related to consumer and investor protection "- said the President of the Financial Stability Board, for example Mark Carney to the heads of government finances, as they headed for their meeting in Argentina.

Among the main dangers of the criptovaluta raised several times, the risk that their use could actually "protect" illegal activities and money laundering, or even the financing of terrorism. Carney then urged finance ministers to reduce risk by working together to improve conduct, market integrity and cyber resilience in the cryptocurrency sector.

In the event of failure to understand on this front, and therefore without improvement, the head of the G20 advisory unit warned that confidence in the global financial system could be emitted in crisis. To support this, Carney also recalled how the lack of understanding of relatively new and unregulated financial products by national regulatory authorities contributed to the 2008 meltdown. The reference is, of course, to derivativesover the counter.

The Treasury Secretary Steve Mnuchin and his counterparts in France and Germany then invited to discuss cryptocurrencies at the current summit. On the sidelines of the work, the group could ask Congress to provide national financial authorities with more powers to regulate cryptocurrency and other digital resources.