BASEL, Switzerland—Both the Financial Stability Board (FSB) and the International Monetary Fund are warning the war in Ukraine could be leading to “acceleration of cryptoization in emerging markets.”
In a letter from the FSB to G20 finance chiefs and central bankers, the body, which is tasked with monitoring and making recommendations about the global financial system, wrote that "the current financial stability challenges reinforce the importance, and increase the urgency, of the FSB’s ongoing policy work in a number of areas, including [...] strengthening the resilience of non-bank financial intermediation as well as cryptoassets and cyber risks,” Cryptonews said.
The FSB stated the “Russia-Ukraine war has reinforced pre-existing concerns” it has concerning the “growth and potential illicit use of cryptoassets,” Cryptonews said.
Threat to Global Stability?
The letter further noted that “cryptoasset markets are fast evolving and could reach a point where they represent a threat to global financial stability due to their scale, structural vulnerabilities and increasing interconnectedness with the traditional financial system.”
The FSB claimed it was responding by “taking forward, in collaboration with standard-setting bodies,” including the Financial Action Task Force (FATF), its “work on the regulation and supervision of ‘unbacked’ cryptoassets and stablecoins,” as well as “analyzing the financial stability impacts” of the “rapidly evolving” decentralized finance sector.”
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