Bitcoin and other cryptocurrencies do not pose a threat to the world economy, but should be monitored as the market “continues to evolve rapidly.” That’s the assessment of the Financial Stability Board (FSB), an international body that monitors the global economy.
The observations were brought to light in a December 28 report by the Reserve Bank of India (RBI), which is India’s central bank. The RBI report noted:
The FSB has undertaken a review of the financial stability risks posed by the rapid growth of crypto-assets. Its initial assessment is that crypto-assets do not pose risks to global financial stability currently.
The market continues to evolve rapidly, however, and this initial assessment could change if crypto-assets were to become more widely used or interconnected with the core of the regulated financial system.