Bitcoin got a bit of good news Monday, sending the cryptocurrency soaring more than $1,000 over the past 24 hours to $8,546.
The Financial Stability Board, an international consortium that monitors and makes recommendations about the global financial system, sent a letter to the G20 Finance Ministers and Central Bank Governors explaining why cryptocurrencies do not pose a risk to the stability of the global financial system.
Increased scrutiny from governments in Japan and South Korea to decisions by Google (GOOGL) - Get Report and Facebook (FB) - Get Report to limit exposure to cryptocurrencies has caused bitcoin to fall below the $10,000 threshold.
But the FSB's letter is a good sign for investors looking for relief from the bad press.
"Responding to the concerns of members, the FSB has undertaken a review of the financial stability risks posed by the rapid growth of crypto-assets. The FSB's initial assessment is that crypto-assets do not pose risks to global financial stability at this time," FSB Chair Mark Carney wrote. Carney is also the head of the Bank of England.
Finance ministers and central bankers from the Group of 20 leading industrial and developing nations met in Buenos Aires Monday for their two-day annual meeting.
"Crypto-assets raise a host of issues around consumer and investor protection, as well as their use to shield illicit activity and for money laundering and terrorist financing. At the same time, the technologies underlying them have the potential to improve the efficiency and inclusiveness of both the financial system and the economy," Carney said.