The Commission of higher financial regulators in the U.S. warn the public about the possible risks of using tablconv and cryptocurrency.
The report, released on 4 December by the Council for the supervision of financial stability (FSOC), were considered potential problems that can arise as a result of the implementation and use tablconv are becoming more widely recognized.
It should be noted that the FSOC was created in 2008 after the global financial crisis to deal with risks in the financial sector. The panel is headed by Treasury Secretary Stephen Mnuchin (Steven Mnuchin). Members also Jay Clayton (Jay Clayton), Chairman of the securities and exchange Commission (SEC), and Heath Tarbert (Tarbert Heath), who was recently appointed Chairman of the Commission on trade commodity futures (CFTC).
In its report for the year 2019, the regulators say:
“If stabilini will be widely circulated as means of payment or means of storing value, glitches in the system can affect more global economy. Financial regulators should review the agreements already existing and planned, regarding digital assets and the risks associated with them.”
FSOC added about bitcoin (BTC) and other cryptocurrencies as part of its territory supervision. The Board failed to make specific findings regarding this phenomenon, acknowledging that the cost was “sporadic and may be unreliable”.
The Commission also expressed doubts about the so-called technology of the distributed registry (DLT) – for projects of the digital currency, conventionally associated with bloccano.
“The ultimate success of the technology, including applications in the financial sector, not yet defined”,
– the report says. Further, FSOC continues:
“Some early efforts have not resulted in the expected effectiveness and other promised benefits, and as a result have been reduced, redirected or stopped.”
Earlier Mnuchin critical remarks regarding bitcoin, alluding to the fact that the cryptocurrency won’t be long. In the July interview, he said:
“I assure you, after 10 years, I will not comment on bitcoin. I’d say forget about it in 5 or 6 years. I’m not going to talk about bitcoin as the Finance Minister. I have other priorities. I can assure you that I am not interested in bitcoin”.
Us lawmakers continue to focus on the risks associated with the cryptocurrency sector and related schemes, special attention is now focused on the digital currency Libra Facebook.