At a G-20 meeting , Argentina’s central bank governor outlined a summer deadline for members to have “specific recommendations on what to do” and said task forces are working to submit proposals by July. Italy’s central bank leader told reporters after the meeting in Buenos Aires, Argentina, that cryptocurrencies pose risks but should not be banned, according to Reuters.
The Financial Stability Board, a global watchdog that runs financial regulation for G-20 economies, took a cautious tone in responding to calls from some countries to crack down on digital currencies.
“The FSB’s initial assessment is that crypto-assets do not pose risks to global financial stability at this time,” board Chairman Mark Carney said in a letter.
Carney, who is also governor of the Bank of England, pointed to the small size relative of the asset class compared with the entire financial syste. “Even at their recent peak, their combined global market value was less than 1 percent of global GDP,” he said.
The International Monetary Fund has also called for more cooperation.