Bitcoin is approved as an official means of payment in the Latin American country.
(Photo: Reuters)
Frankfurt The Basel Financial Stability Board (FSB), an international organization that oversees the global financial system, warns of risks emanating from cryptocurrencies that could impact global financial stability.
Cryptoasset markets were evolving rapidly, according to a recent report — and “could reach a point where they pose a threat to global financial stability due to their size, structural vulnerabilities, and increasing interdependence with the traditional financial system.”
With the report released on Wednesday, the FSB updates its stance on cryptoasset risks to financial stability. Most recently, the FSB published an assessment in July 2018, which showed that cryptoassets did not pose a significant risk to global financial stability.
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