While the G20 Finance Ministers and Central Bank Governors (FMCBG) meeting in Marrakech, Morocco communicated their appreciation to the IMF and FSB for putting together the IMF-FSB synthesis paper and their adoption of the roadmap on crypto assets offered in the synthesis paper, The Saudi Central Bank (SAMA) Governor Ayman Alsayari said that cryptocurrencies and their brokers pose a potential threat to financial stability.

The detailed and action-oriented Roadmap was considered by G20 FMCBG meeting attendees as essential to achieving their common goals of macro-economic and financial stability and to ensure effective, flexible, and coordinated implementation of the comprehensive policy framework for crypto assets.

Members called for swift and coordinated implementation of the G20 Roadmap, including implementation of policy frameworks; outreach beyond G20 jurisdictions; global coordination, cooperation and information sharing; and addressing data gaps. Members also asked the IMF and FSB to provide regular and structured updates on the progress of implementation of the G20 Roadmap on Crypto Assets.

As noted in their communiqué, “We support the ongoing work and global implementation of FATF standards on cryptoassets.”

On the other hand, The Saudi Central Bank (SAMA) Governor Ayman Alsayari said that crypto currencies and their brokers pose a potential threat to financial stability. At the meeting he stated, “We need good supervision, regulation, and coordination of crypto currency activities. In this context, we support the work and relevant roadmap of the IMF and the Financial Stability Board to address risks related to crypto currencies.”

The SAMA chief said that the global economy is witnessing massive slowdown compared to past decades, with high levels of inflation rates. “Tight monetary policies are being adopted around the world to bring down inflation. As a result, the global growth rate is expected to be around three percent this year and next,” he said.

This comes as Saudi Arabia develops its CBDC for internal bank payments and works on its virtual asset regulations.