According to the G20 countries, cryptocurrencies don’t serve as money, and they are not a safe asset, according to their price stability. Although, Bitcoin still poses no threat to the global financial stability, it may do in future, so the cryptocurrency market requires careful monitoring
“I don’t think any of these cryptos satisfy the three roles money plays in an economy.”, said Klaas Knot, president of De Nederlandsche Bank NV, who also chairs the Financial Stability Board’s standard committee on the assessment of vulnerabilities.
Nevertheless, at present, crypto asset involve other risks: violation of the rights of consumers and investors, as well as tax evasion and money laundry.
Therefore, according to the document, it is necessary to introduce FATF standards for crypto assets to combat the laundering of illegal income and funding the terrorism.
“In Russia, the use of crypto assets for settlements and in the official financial system is prohibited, which limits the risks of financial stability, and at present there are no such risks,” said the first deputy chairman of the Central Bank of Russia Ksenia Yudaeva