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FSB Chair: Crypto Markets Could Soon Threaten Global Financial Stability

The Chairman of the Financial Stability Board (FSB) – Klaas Knot – raised concerns that the cryptocurrency sector could harm the monetary network in the future. In his view, the digital asset market is expanding at a fast pace, while some of the tokens are employed by criminals in illicit activities. “For these reasons, policy work on crypto assets is a priority for the FSB,” the executive outlined.
The FSB Wants to Regulate “Unbacked” Crypto
The lack of an appropriate regulatory framework applied to the digital asset industry has been a problem addressed by numerous prominent individuals. The latest to give his two cents on the matter is Klaas Knot – President of the Dutch central bank and Chairman of the FSB.
In a recent announcement, the economist argued that bitcoin and the altcoins could operate under the radar of watchdogs, and as such, wrongdoers could facilitate illegal transactions with them. For example, Klaas pointed out the ongoing military conflict between Ru

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