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The Financial Stability Board will review the internal standards due to the cryptocurrency



Cryptocurrencies can fundamentally change the approach to assess financial vulnerabilities for the global economy. This statement was made by the new President of the Financial Stability Board, Randall Quarls.

He stressed that he would review the organization's standards regarding the prevention of financial risks.

"The appearance of cryptoactives can undermine any program. At the same time, the task of creating reliable standards becomes even more important, " – He said.

Quarls expressed the hope that the updated standards will allow the Financial Stability Board to make more competent recommendations for G20 member countries in light of the active development of new technologies.

Recall that in July 2018, the SPS announced plans to introduce a framework designed to assess the risks of the cryptocurrency.

In the final declaration of the G20 summit in December, it was announced that the regulation of digital assets will be carried out in accordance with the standards of the Financial Action Task Force for Money Laundering (FATF).

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