G20-FSB rejects calls for cryptocurrency regulation

The Financial Stability Board (FSB), which coordinates financial regulation for the G20 countries, on Sunday rejected calls by several countries for cryptocurrency regulation, such as Bitcoin.

The FSB, however, stressed the need for greater international coordination in monitoring these rapidly evolving technologies, which still represent a tiny sector equivalent to less than 1% of global gross domestic product.

"The first assessment of the FSB is that currently, these crypto-assets do not pose a risk to global financial stability," said Mark Carney, president of the FSB, in a letter to finance ministers and governors of central banks, which will meet in Buenos Aires on Monday and Tuesday.

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