FSB Chair: Crypto markets could soon threaten global financial stability

05/12 03:46

According to Cryptopotato, the Chairman of the Financial Stability Board (FSB) – Klaas Knot – raised concerns that the cryptocurrency sector could harm the monetary network in the future. In his view, the digital asset market is expanding at a fast pace, while some of the tokens are employed by criminals in illicit activities. “For these reasons, policy work on crypto assets is a priority for the FSB,” the executive outlined. In a recent announcement, the economist argued that bitcoin and the altcoins could operate under the radar of watchdogs, and as such, wrongdoers could facilitate illegal transactions with them. For example, Klaas pointed out the ongoing military conflict between Russia and Ukraine. He believes the war has “reinforced” the assumption that crypto plays a role in money-laundering, ransomware, and cyber-crime. Klaas Knot said: “The bottom line of our assessment is that crypto assets are fast evolving and could soon threaten global financial stability. The rapid evolution and international nature of these markets also raise the potential for regulatory gaps, fragmentation, or arbitrage.”

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