BI Governor Perry Warjiyo: Crypto Assets Are At Risk Threatening Global Financial Stability

Photo: Doc. Between

JAKARTA - Bank Indonesia (BI) Governor Perry Warjiyo said there is a potential threat of crypto assets to global financial stability, based on the latest risk assessment report by the Financial Stability Boards (FSB).

"This is due to the scale of crypto assets, structural vulnerabilities, and increasing linkages with traditional financial systems," said Perry at the Opening of the Second Day of the Third Meeting of the Ministers of Finance and Central Bank Governors (3rd FMCBG) G20 2022 in Nusa Dua, Badung, Bali, quoted from Antara. , Saturday 16 July.

According to him, the FSB continues to promote the effective implementation of various high-level recommendations for global stablecoin regulation, oversight and oversight.

In addition, the FSB has identified key regulatory and policy implications of developing crypto asset markets, including the stablecoin market.

Furthermore, recent developments in the crypto asset market also urge the FSB to continue to build public awareness of the risks associated with crypto assets.

Against this background, Perry views that the views of all G20 Finance Ministers and Central Bank Governors will be important as part of maintaining global financial stability.

"Especially about the pressing issues of the recent development of the crypto asset market, as well as strategies to promote a consistent regulatory and supervisory approach to crypto asset activity," he said.

Previously, BI revealed that crypto assets were one of the driving factors for central banks in all countries to start launching central bank digital currencies or commonly called Central Bank Digital Currency (CBDC).

In Indonesia, the plan is for the CBDC to be called Digital Rupiah, which is still being studied.