Topic: Big Bankers Say Cryptocurrencies Do Not Threat The Global Financial Stability - page 10. (Read 17104 times)

Cryptocurrency is not a threat to an economy nor can be helpful. It is on how people use it because its still a technology. Technology does improve efficiency but it still on the people on how they will use it to improve their lives or to make it beneficial though government plays a big role on these technologies. They can prohibit or accept technology depending on the weight of benefits to disadvantages. Besides, cryptocurrency is now a  well known method of transferring funds, why would a government insist to prohibit it just because of some disadvantages may incur. They should do research carefully.

Bankers started to get more relaxed towards Bitcoin? Very good.

Bitcoin can be a threat to some of the banking operations, but this will only make the smarter banks evolve better. Bitcoin is clearly no threat to the banks, at least not yet and for quite some more time. This is not because banks are good and Bitcoin is bad, it's because of people's and businesses' inertia and because the legislation favors the banks.

And even if the things get to the point Bitcoin will become a real threat to the banking system, the overall financial stability should not get affected.


So I find the title correct and I'm glad to see they also have found this out. It would be beneficial for Bitcoin to get better connected to financial world and to businesses and for this (unfortunately) we need the banks accept us.

Apple had $1T marketcap recently, then it crashed by 40% and guess what, the world didn't end, and even American economy didn't suffer from it. And crypto has low liquidity compared to stocks, so marketcap is even more meaningless in this case.

Crypto will not be able to threaten global economy and banks, because it doesn't have enough users. Bitcoin exists for 10 years and since the beginning people though that mass adoption is coming soon and the revolution will begin, but there's no signs of it coming. It's time to open your eyes and realize that crypto is a niche product that is not suitable for everyone and that majority of the population doesn't care about freedom or privacy.

They can say whatever they want to say. They may see it as a shrimp for now but they'll act differently when they see its market cap starts to hit $1T or so.

Is this thread should be on Press?

Big Bankers Say Cryptocurrencies Do Not Pose a Threat to Global Financial Stability

The Financial Stability Board, a global inter-governmental body with over 20 member countries, has ruled that virtual currencies are not a threat to the world economy. The assessment could have an impact on India, whose central bank is part of the board.


FSB Says Cryptocurrencies Won’t Affect Global Financial Stability
While the crypto winter shows signs of dissipating, 2019 may bring good news for the cryptocurrency ecosystem in India. Highly unfavorable regulations imposed by the Reserve Bank of India, the country’s central bank, have forced many companies in the industry to leave or close down.

However, last week’s report from RBI gives new hope to the country’s crypto space, as all signs point to easing its stance on digital assets.

According to Quartz, the Financial Stability Board (FSB) has said that virtual currencies are not a threat to the world economy. The board, established in 2009 in the aftermath of the 2008 global financial crisis, includes finance ministers and central bankers from all of the G20 nations.

The board’s assessment came to light after RBI quoted the agency in a report released last week, Quartz reported. The FSB’s initial assessment indicated that crypto-assets currently do not pose a risk to global financial stability.


India’s Central Bank Could Be Easing Its Stance on Cryptocurrencies
Even though these assessments are not legally binding for any of the FSB’s member countries, they are usually adhered to in order to maintain global standards, said Quartz. With that in mind, the report was well received by the crypto community in India, who see it as a ray of hope for the following year.

India’s central bank has effectively banned cryptocurrencies, forbidding all banks operating in the country from providing services with companies in the industry.

Businesses and traders have been vocal about the need for more regulation in the industry, saying that the lack of transparency when it comes to the legality of the assets opens doors for government abuse.

On December 28, 2018, Pon Radhakrishnan, the minister of state for finance, told the lower house of the parliament that the country still hadn’t set a deadline for any norms regarding the industry.

However, Nischal Shetty, CEO of WazirX, an Indian cryptocurrency exchange, told Quartz that a lack of regulation isn’t always bad news.

    “It probably means that the government of India does not see cryptocurrencies as a matter of immediate concern, or something that needs to be regulated right away. This at least means that fears of a ban are not imminent,” he explained.

Cryptocurrency enthusiasts may want digital currencies to one day replace fiat. Yet, it seems that the G20 is not too concerned. Perhaps this will give crypto more time to flourish under the existing economic framework.


Reference: https://cryptoslate.com/big-bankers-cryptocurrency-not-threat-global-financial-stability/