The Basel-based Financial Stability Board (FSB) has echoed sentiments expressed by the International Monetary Fund (IMF), with both bodies warning that in the wake of the war in Ukraine, an “acceleration of cryptoization in emerging markets” could be on the cards.
Today, in a letter from the FSB to G20 finance chiefs and central bankers, the body (formerly known as the Financial Stability Forum), which is tasked with monitoring and making recommendations about the global financial system, wrote that "the current financial stability challenges reinforce the importance, and increase the urgency, of the FSB’s ongoing policy work in a number of areas, including [...] strengthening the resilience of non-bank financial intermediation as well as cryptoassets and cyber risks.”
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The FSB claimed that the “Russia-Ukraine war has reinforced pre-existing concerns” it has concerning the “growth and potential illicit use of cryptoassets.”