In a letter published this Monday (11), the Financial Stability Board (FSB) promises to present a set of international laws to the G20 in October this year. Although the text focuses on stable currencies, contaminated by the TerraUSD (UST) fiascoyou may take the opportunity to forge other cryptocurrencies.
Citing the word “risk”, in the plural or singular, in each paragraph of the documentthe agency cites that the crypto market has vulnerabilities that could affect the traditional system as the two create more ties.
As such, this could be the start of major global regulation, to be followed by both global powers and developing countries. In other words, it could shape the future of cryptocurrencies.
FSB will present recommendations in October
Founded in the same year Bitcoin was created, 2009, the Financial Stability Board (FSB) is made up of big names. As a highlight, we have the Brazilian Roberto Campos Netpresident of the BC, and Gary Genslerchairman of the US SEC
According to the document published by the FSB on Monday (11), their main fear is related to stablecoins. The reason may be precisely its stability, which facilitates adoption, however its security depends on third parties.
“The FSB will present a public consultation report on the review of its recommendations for the global regulation, supervision and oversight of stablecoins. Including how existing frameworks can be expanded to close gaps and implement high-level recommendations,” I know read in the text of the FSB.
These recommendations will be presented in October this year to the prime ministers and central bankers of the G20, including Brazil. Therefore, it is expected to have a great impact on global coordination.
Cryptocurrencies are taking over the world
Although they have ignored cryptocurrencies for several years, the FSB itself cites that they are rapidly evolving. In addition to Bitcointoday it is possible to find various other currencies and use cases for them.
As a result, global adoption is also skyrocketing. In the last report of the United Nations Organization (UN), the growing adoption can be glimpsed.
Cryptocurrency adoption in the 20 largest economies. Source: UN.
In three countries, Ukraine, Russia and Venezuela, more than 10% of the population has contact with cryptocurrencies, in general.
So we are in a major build-up phase, and it may be a short time before Bitcoin and other cryptocurrencies begin to circulate at the same rate as fiat currencies, especially in countries affected by inflation. So regulators hurry up.