Statements from the cryptocurrency talks at the G20 summit today has given the crypto market the boost that it has been needing. The chair of the Financial Stability Board, and governor of the Bank of England, Mike Carney issued a statement to the members of the FSB stating,
“The FSB’s initial assessment is that crypto-assets do not pose risks to global financial stability at this time.”
Carney also highlighted the fact that cryptocurrencies account for less than one percent of global economic output. He also suggested that instead of formulating brand new regulations for the crypto market, existing financial regulations for digital currencies can be adapted to include the crypto market.
Immediately following the statement, crypto markets saw a quick rise in prices within the hour. Bitcoin and Ethereum both rose by about 10%. The entire crypto market is running in the green.
Images source from coinranking.com
Carney has announced that the FSB will make sure it is ready for any scenarios that may arise in the future. It remains to be seen if these statements will continue to impact the crypto market.