Bitcoin Not a Danger to Global Economy Claims Financial Stability Oversight Board

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The Financial Stability Oversight Board (FSOC) has stated in a report that cryptocurrencies like bitcoin are not dangers to the present financial structures globally, while praising blockchain technology.

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“Virtual currencies are only used by a very small number of consumers. We give a bit more credit to the potentially much broader applications of the so-called distributed ledger technology underpinning the innovations. It is noteworthy that this digital wave also presents a regulatory challenge, because the storage of data is decentralized, rather than being in one spot that governments can watch,” the FSOC report stated.

The report mentions various financial, geopolitical, and cybersecurity threats that could harm the global systems but failed to mention bitcoin as a threat.

While the cryptocurrency space has grown dramatically in 2017, the sector is still considerably less than $1 trillion and therefore are viewed as too insignificant to threaten the global economy.

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