Mark Carney to the G20: Cryptocurrencies Pose No Risk to World Economies
"Cryptocurrencies pose no risk to world economies."
This was insisted by Bank of England Governor Mark Carney as he wrote a letter to the members of the G20. An optimistic sign for those of us trading through the current crypto bear market.
Governor Carney will end his term as BoE Governor next year, but has made it clear that whoever succeeds him in the role, would not be pushing through new standards for cryptocurrencies, but instead wold be overseeing a more open watchdog focused on reviewing current rules.
“As its work to fix the fault lines that caused the financial crisis draws to a close, the FSB is increasingly pivoting away from design of new policy initiatives towards dynamic implementation and rigorous evaluation of the effects of the agreed G20 reforms.”
The cryptocurrency sector is rapidly evolving and this stance will allow it to grow. We don't yet know what it's going to be, so by fostering the industry with friendly regulations, it's at least given a chance.
While the proportion of media attention might have you thinking otherwise, Don't forget that the entire cryptocurrency sector is worth less than 1% of global GDP.
Global regulators shouldn't be getting carried away and it would look like they aren't. Smart decision all round.
Best of probabilities to you.
Peace ✌🏻.
Return from Mark Carney to the G20: Cryptocurrencies Pose No Risk to World Economies to forexbrokr's Web3 Blog
