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Mark Carney gave speech on cryptos to G20 officials

News

The cryptocurrency world has long awaited the G20 meeting of Finance Ministers and Central Bank Governors in Buenos Aires. It’s no secret that digital currencies have been witnessing some dwindling in prices lately, so investors are eager to see if positive news from the meeting could put the market back on its feet, while potential lousy reports could cause the prices to drop even further.

As the G20 meeting officially kicked off on Monday, Mar. 19, Mark Carney, the Financial Stability Board chairman and Bank of England governor, addressed the G20 finance ministers and central bank heads in an official letter.

In a section of the letter dedicated to cryptocurrencies, Carney wrote: “The FSB’s initial assessment is that crypto-assets do not pose risks to global financial stability at this time.” He proceeded by further reiterating that the digital currency market had accounted for less than 1% of global GDP even at its very peak.

The stand outlined in the letter is chiefly in line with Mark Carney’s previous comments about cryptocurrencies, although his past public remarks on cryptocurrencies had a more negative slant.

Cryptocurrency traders have positively received Carney’s letter and the news seem to have given cryptos some boost as prices of major continues changed course north following the announcement.

Still, Carney maintains cryptocurrency market may be subjected to further evaluation should it continue to increase with rapid pace. Carney claimed that the innovation behind digital currencies has a high potential of positively impacting the economy, but still acknowledged its negative influence, saying: “Crypto-assets raise a host of issues around consumer and investor protection, as well as their use to shield illicit activity and for money laundering and terrorist financing.”

Jacob Lucas

Jacob Lucas

Jacob has been active in the cryptocurrency markets since 2010, specializing in Bitcoin. He received education as Certified public accountant, specializing in taxes and cost management. Looking for alternative sources of income due to some personal struggles Jacob discovered Bitcoin 2010, showing some commitment and first to learn and get all the basics. Jacob made his fists investment in bitcoin in 2011 and has been successful in the field. Writing in the field is part of Jacob’s commitment to share knowledge with others.

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