Ayman Alsayari, Governor of the Saudi Central Bank (SAMA), has warned in opposition to the potential risks and dangers of cryptocurrencies and their brokers.
Addressing at a session on the worldwide financial system and crypto belongings on the G20 Finance Ministers and Central Bank Governors (FMCBG) assembly in Morocco, Alsayari urged the IMF for “good supervision” over digital belongings, to fight the dangers.
“We need good supervision, regulation, and coordination of crypto currency activities. In this context, we support the work and relevant roadmap of the IMF and the Financial Stability Board to address risks related to cryptocurrencies.”
His remarks come after IMF and international monetary regulators set a roadmap in September, to coordinate measures and cease cryptos from undermining monetary stability.
The IMF and the Financial Stability Board (FSB) launched a paper that advised licensing crypto service suppliers and known as for nations to implement the Financial Action Task Force (FATF) anti-money laundering and counter-terrorist financing (AML/CFT) requirements.
“A comprehensive policy and regulatory response for crypto-assets is necessary to address the risks of crypto-assets to macroeconomic and financial stability,” the paper famous.
Governor Alsayari additionally stated that the worldwide financial system is seeing a drastic stoop because of growing inflation charges.
“Tight monetary policies are being adopted around the world to bring down inflation. As a result, the global growth rate is expected to be around three percent this year and next.”
IMF Crypto Roadmap
The G20 FMCBG assembly held at Marrakech, Morocco on Friday, additionally unveiled the G20 Roadmap for regulating crypto belongings and reforming multilateral growth banks (MDBs).
The detailed roadmap would assist foster international coverage and crypto laws whereas contemplating the implications on Emerging Markets and Developing Economies (EMDEs).
The FSB advisable laws reasonably than an outright ban on digital belongings. “This detailed and action-oriented Roadmap is essential to achieve our common goals of macro-economic and financial stability and to ensure effective, flexible, and coordinated implementation of the comprehensive policy framework for crypto assets,” the G20 communique learn.
