Second Day of FMCBG G20: BI Governor Reminds Crypto Asset Risk
- VIVA/Fikri Halim/Relay
VIVA – At the opening of the third meeting of the Minister of Finance and Central Bank Governors/3rd FMCBG G20 on the second day, Saturday, July 16, 2022, Governor of Bank Indonesia (BI), Perry Warjiyo discusses about the crypto asset market and reminds about the risks of these assets.
It is known, the crypto asset market became one of the five topics of discussion at today's meeting.
According to Perry Warjiyo, the Financial Stability Board (FSB) has submitted an assessment of the latest risks of Crypto assets. There is a threat to global financial stability from crypto assets.
"This (FSB) report underscores the potential threat to global financial stability due to its scale, structural vulnerabilities, and increasing linkages with the traditional (conventional) financial system," Perry Warjoyo said while in Nusa Dua, Bali on Saturday, July 16, 2022.
Gubernur Bank Indonesia Perry Warjiyo (kanan) dan Gubernur Bank of Australia Philip Lowe (kiri) berbincang sebelum mengikuti 3rd Finance Ministers and Central Bank Governors (FMCBG) G20 di Nusa Dua, Badung, Bali, Jumat, 15 Juli 2022.
- Pool/Fikri Yusuf
The Financial Stability Board continues to promote the effective implementation of its high-level recommendations for regulation, oversight of the regulation of these 'global stable coins'.
“In addition, the FSB has identified key regulatory and policy implications of the development of the crypto asset market, including the stable coin market,” Perry remarked.
Perry also conveyed that recent developments in the crypto asset market also urged the FSB to continue to build public awareness of the risks associated with crypto assets.
With this background, Perry asked for the point of view of the Ministers of Finance, Central Bank Governors, and global financial institutions who were present at the 3rd FMCBG Meeting G20 to convey their point of view.
"The point of view from all of you on the pressing issues of recent developments in the crypto asset market as well as strategies to promote a consistent regulatory and supervisory approach to crypto asset activity, will be important as part of maintaining global financial stability," Perry Warjiyo said.