G20 Financial Leaders Call for Multilateral Response to Cryptocurrencies
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June 10, 2019

G20 finance ministers and central bank governors have asked global organizations and the Financial Stability Board (FSB), an international body that oversees and makes recommendations on the global financial system, to oversee the risks associated with crypto assets.

The request came in a joint communiqué posted on the website of Japan's finance ministry following the G20 leaders' meeting held in Fukuoka, Japan.

The document asks the responsible institutions to study crypto assets in greater depth and to adopt the necessary measures to address their associated risks.

Although the participants at the meeting do not consider crypto assets as a real threat to global financial stability, at least not for now, they do call for greater vigilance against their associated risks such as money-laundering and terrorism financing.

In addition, the communiqué also notes that "technological innovations, including those underlying crypto assets, can bring significant benefits to the financial system as well as to the economy as a whole."

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