Cryptocurrencies Could Threaten Financial Stability, FSB Says

Law360, London (October 10, 2018, 4:57 PM BST) -- International regulators should vigilantly monitor virtual currencies such as bitcoin, which could threaten financial stability if they escalate in popularity, the Financial Stability Board warned Wednesday.

The global regulatory forum, chaired by Bank of England Gov. Mark Carney, said that crypto-assets do not yet pose a threat to global finance — though this could quickly change.

"Vigilant monitoring is needed in light of the speed of market developments," the FSB said in a statement. "Should the use of crypto-assets continue to evolve, it could have implications for financial stability in the future."

The currencies do not offer "a stable store of...

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