The Financial Stability Board (FSB), an institution that is investigating the current state of the global economy, has just issued a new report. According to its specialists, the influence of cryptocurrencies on the markets is almost none.
The Financial Stability Board not only examines the current state of the global economy, but also prospects for the future. These analyzes are important because they are often invoked by central banks from various countries (eg India) or G20 countries.
How is it with these cryptocurrencies?
In the new report, the FSB became interested in e-currencies. Although mainstream politicians and economists are often hostile or distrustful of bitcoin and its derivatives, the institution appreciates the new market. In the document we will find the sentence that “cryptocurrencies develop quickly, but there is still room for further improvement.”
What’s more, although some people say that the future crisis will start on the digital asset market, the FSB is of a different opinion. For now, cryptocurrencies do not threaten the financial stability of the world:
“The FSB has reviewed the factors that could threaten global financial stability.” According to an initial assessment, crypto-currency assets are not currently a threat. ”
Have you breathed a sigh of relief? Wrongly! Experts add that – as happens in new markets – this situation can quickly change dramatically:
“The market is growing fast, and this forecast may change as the cryptocurrency market begins to grow, be adopted on a large scale or become part of a regulated, traditional financial system.”
This is not the first opinion of the FSB on digital currencies. Not so long ago, because in October 2018, the institution wrote that:
“(…) cryptocurrencies are neither an ideal means of payment nor a sustainable resource of value, there is no impact on the global economy.”