Cryptocurrencies are now “undeniably part of mainstream finance”, according to the boss of one of deVere Group, the independent financial services organisation.
The bold statement from the founder and CEO of deVere Group, Nigel Green, comes as the Financial Stability Board (FSB), has released a report that concludes Bitcoin and cryptocurrencies do not currently pose a risk to the global financial system.
It also comes as Bitcoin (BTC), the world’s largest and most influential digital currency, climbed the 50-day moving average on Monday for the first time in nearly two months, hiking its price above $6,700.
Green commented: “Cryptocurrencies are the future of money and they are already undeniably part of mainstream finance. This is underscored today by the report by the Financial Stability Board (FSB), the international watchdog, which finds that cryptocurrencies do not pose a material risk to the global financial system – which many traditionalists with vested interests have hitherto argued in order to knock digital currencies.”
He continued: “This report comes after the FSB, which is headed by Bank of England Governor Mark Carney, previously wrote a letter to the G20 finance ministers and central bank governors earlier this year stating that Bitcoin does not pose a ‘systemic risk’ to the global financial system.
“As such, the latest report can be seen as further recommendation of cryptocurrencies from the influential FSB — which has members from all the G20 major economies.”
Green went on to say: “The FSB’s conclusion follows more and more global financial institutions, major corporations and household name investors now working with cryptocurrencies and blockchain, the technology that underpins them, and as international regulation is developed further.”
In May, deVere revealed findings of a global survey that found 35 per cent of wealthy investors will have exposure to cryptocurrencies by the end of 2018.
At that time, Green said: “The survey’s findings demonstrate that high net worth individuals are increasingly unable to ignore the huge potential of cryptocurrencies.”
The deVere CEO concluded: “There’s now surging awareness of the value, need and demand for digital, global currencies in a digitalised, globalised world. The world of money has fundamentally changed – and despite what some crypto cynics want, it can’t and will not go backwards. Therefore, the FSB’s proactive and positive work in this sector must be championed.”