Tags: bitcoin | risks | financial | system

Bitcoin Barely Rates Mention Among Top Risks to Financial System

Bitcoin Barely Rates Mention Among Top Risks to Financial System
(DreamsTime)

Thursday, 14 December 2017 10:54 PM EST

The U.S. government’s chief watchdog for financial system threats put out its annual list of potential nightmares, and the burgeoning market for digital currencies such as bitcoin didn’t rate much more than a few lines in the 152-page report.

While big names in global finance such as JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon have publicly warned that cryptocurrencies are doomed to collapse, the Financial Stability Oversight Board isn’t concerned yet. The panel said digital currency’s “current impact on financial stability is likely very limited.”

“Virtual currencies are only used by a very small number of consumers,” the group said in its report. FSOC gives a bit more credit to the potentially “much broader applications” of the so-called distributed ledger technology underpinning the innovations. And it notes 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.

We’ll keep an eye on all of this, is basically what they’re saying.

One thing that may trouble those who have watched the bitcoin market soar in recent weeks and who fear its potential collapse: The council’s report issued Thursday based some of its views on a survey of consumer behavior. From 2015.

© Copyright 2026 Bloomberg News. All rights reserved.


StreetTalk
The U.S. government’s chief watchdog for financial system threats put out its annual list of potential nightmares, and the burgeoning market for digital currencies such as bitcoin didn’t rate much more than a few lines in the 152-page report.
bitcoin, risks, financial, system
208
2017-54-14
Thursday, 14 December 2017 10:54 PM
Newsmax Media, Inc.

Sign up for Newsmax’s Daily Newsletter

Receive breaking news and original analysis - sent right to your inbox.

(Optional for Local News)
Privacy: We never share your email address.
Join the Newsmax Community
Read and Post Comments
Please review Community Guidelines before posting a comment.
 
Get Newsmax Text Alerts
TOP

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved
NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved