Cryptocurrencies Deemed Disruptive, G20 Countries Decide to Regulate Cryptocurrencies

BONSERNEWS.com – After cryptocurrencies were deemed disruptive, the Governor of Bank Indonesia (BI) Perry Warjiyo explained, one of the concrete steps achieved together with the G20 Countries was further regulations regarding crypto transactions.

The agreement was formed at the third meeting on 15-16 July 2022 in Bali which consisted of the G20 Finance Ministers and Central Bank Governors (FMCBG).

“There must be good regulation and the G20 will see based on the crypto asset regulatory approach,” explained Perry in a press conference, Saturday, July 16, 2022.

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Previously, Perry explained, that the Financial Stability Board (FSB) concluded, crypto assets have a potential threat to global financial stability, due to their scale, structural vulnerability, and increasing linkages with the traditional financial system.

Thus, Perry called the FSB promoting the effective implementation of its high-level recommendations for the regulation, oversight, and oversight of global stablecoin governance.

In addition, the FSB has also identified the main regulatory and policy implications of the development of crypto asset markets, including the stablecoin market.(

Also Read: 4 Important Things You Must Know Before Investing in Crypto

regulations that are formed can build the development of crypto assets in the future.

“Recent developments in the crypto asset market also urge the FSB to continue building public awareness of the risks associated with crypto assets,” Perry explained in his remarks at the opening of the FMCBG meeting this morning.

This time the FMCBG also discussed other important issues, especially related to post-pandemic global economic recovery.

Perry said the FSB continues to coordinate internationally in dealing with regulatory and financial oversight issues through Covid-19 response measures.

Not only that, the FSB also monitors developments to support the global recovery and maintain financial stability.

The FSB continues to develop to be able to recover the global market.

Global market recovery can give investors confidence and confidence to invest again.