Cryptocurrencies are currently not a threat to financial stability, according to the Financial Stability Board, a global regulator that advises the G-20 group of countries.

In a report delivered to the G-20 finance ministers, the international body of financial regulators said, “While the FSB believes that crypto-assets do not pose a material risk to global financial stability, at this time it recognizes the need for vigilant monitoring in light of the speed of market developments.”

To read the rest of the story, visit the Cayman Islands Journal website.

1 COMMENT

  1. Yet is the operative word. Currently some Cayman crypto currencies are able to be used as money laundering or terror financing tools as they do not verify their account holders. This could come back to hurt the entire Cayman financial industry if government does not do something quick.

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