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Governors of central banks and Arab monetary institutions stress the importance of addressing the dangers of using cryptocurrencies DinarDailyUpdates?bg=330099&fg=FFFFFF&anim=1

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Governors of central banks and Arab monetary institutions stress the importance of addressing the dangers of using cryptocurrencies

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Governors of central banks and Arab monetary institutions stress the importance of addressing the dangers of using cryptocurrencies Empty Governors of central banks and Arab monetary institutions stress the importance of addressing the dangers of using cryptocurrencies

Post by claud39 on Mon Sep 16, 2019 8:51 am

Governors of central banks and Arab monetary institutions stress the importance of addressing the dangers of using cryptocurrencies


16/09/2019





Governors of central banks and Arab monetary institutions stress the importance of addressing the dangers of using cryptocurrencies Rc_156861282683_23







Governors of central banks and Arab monetary institutions stressed the importance of addressing the risks arising from the use of cryptocurrencies and the potential effects on monetary policies and the importance of appropriate preparation and capacity-building of central banks wishing to issue these types of cryptocurrencies and the development of digital identity standards and principles of customer identification and the development of legislation Strengthening international coordination in addressing its risks.

The final statement of the Board of Governors of the Central Banks and Arab Monetary Institutions, hosted by the Central Bank of Egypt in Cairo, said that the Council reviewed the work and recommendations of its committees and task forces, namely the Arab Banking Supervisory Committee, the Regional Task Force for Promoting Financial Inclusion in the Arab States, and the Financial Stability Task Force. The Arab Committee for Payment and Settlement Systems and the Arab Committee for Credit Information also discussed a number of papers and topics worked on by the committees and teams.

The Council called for supporting the efforts of the Arab Monetary Fund in completing the establishment of the institution and conducting its services and activities, and enhancing opportunities for the participation of Arab banks and financial institutions and banking in the use of the system to be managed by this institution, stressing the application of the highest international standards and principles.

The statement added that the members of the Board were briefed on the financial stability report for 2019, expressing their appreciation for the follow-up of the Arab Monetary Fund to prepare and issue the report and the topics and analysis included.

The Council stressed the importance that the report should continuously reflect the priority developments and issues of the Arab countries.

The Board reviewed the draft of the unified Arab speech to be delivered on behalf of the Arab Group during the annual meetings of the IMF and the World Bank, where they reiterated the importance of providing more financial support to Arab countries, as well as reiterated their call to strengthen partnerships between international financial institutions and Arab funds and financial institutions.

The Board of Governors of Central Banks and Arab Monetary Institutions welcomed the establishment of a group of modern financial technologies, for their importance as a platform that brings together the most important parties and parties concerned with the development of the environment that hosts financial technologies.

He stressed the importance of studying the proposal to establish a regulatory laboratory to encourage financial innovations, as a proposed new framework for cooperation and regional experiences among the supervisory authorities in the Arab region to encourage the establishment of financial technology companies and to promote capacity-building in this area.

The Council also welcomed the regional initiative to promote financial inclusion in the Arab region launched by the Arab Monetary Fund in cooperation with the World Bank, the Global Alliance for Financial Inclusion and the German Development Agency.





http://www.uabonline.org/en/news/arabicnews/16051581157516011592160815751604160515891575158516/67763/0
claud39
claud39
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