The international organization Financial Stability Board (FSB), which monitors and advises the global financial system, has announced that it is examining the risks that the rapidly developing crypto money market will pose for global finance.
FSB on February 16 in a report published; tied to crypto assets such as bitcoin, stablecoin, and decentralized finance (DeFi) security vulnerabilities and crypto- money exchanges He said he was looking into it.
Taking into account the growing growth of the crypto money market and the weaknesses in the industry, the FSB said that with the further growth of the ecosystem, can pose a great threat and 2nd trillion dollar He said that despite its market value, it still occupies a small place in global finance. FSB also identification in the blockchain system He said it was difficult.
In its report, the FSB states that, despite high trading volumes, stabecoins are likely to be risk of failure and the rapid adoption of the DeFi ecosystem, the absence of intermediaries and the risks that may arise with the participation of banks in this ecosystem.
Funded by the Bank for International Settlements (BIS), the FSB is led by former Federal Reserve Bank Vice President Randal Quarles.