The G-20 Summit 2018: Bitcoin Not a Threat to Global Financial System

March 25, 2018


The financial stability board ( FSB) issued a letter during the G20 summit stating that bitcoin was not a threat to the global financial system.  

“The FSB’s initial assessment is that crypto-assets do not pose risks to global financial stability at this time,” wrote Mark Carney, chairman of the FSB. The FSB is an international watchdog that makes recommendations about the global financial system. 

“This is in part because they are small relative to the financial system. Even at their recent peak, their combined global market value was less than 1% of global GDP,” wrote Carney, who is also governor of the Bank of England. Nigel Green chief executive of Devere group has stated, “G-20 representatives must use this summit to work toward an agreement to adopt common regulations for cryptocurrencies. By doing so, they will position their respective countries on the right side of history” 

This is very positive for the bitcoin community as-well as company’s like Quantaloop that is focused on technology growth as a whole for Canada and we will continue to roll out our block chain solutions platform for business in North America focusing on Canadian sustainable companies. Looking past bitcoin as a decentralized store of value and being the innovator of blockchain we are excited to help grow the Quantaloop blockchain so it can be implemented and used for purposeful solutions.   

Canadian regulation should see this as a building block of needed technology of the future and be an innovative country to adopt common regulation.

The price of bitcoin surged past the $9,000 mark after the announcement on Wednesday. The final communication of the First G20 Meeting of Finance Ministers and Central Bank Governors pledged to continue international monitoring of cryptocurrencies but acknowledged their benefits in “productive” discussions.