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Global banking regulators call for toughest rules for cryptocurrencies

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June 10, 2021 at 05:24PM

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Growth of crypto-assets threatens financial stability and could increase risks faced by banks, they warn

Global regulators have said cryptocurrencies such as bitcoin should come with the toughest bank capital rules to avoid putting the wider financial system at risk should their value collapse suddenly.

The Basel Committee on Banking Supervision, which consists of regulators from the world’s leading financial centres, is proposing a “new conservative prudential treatment” for crypto-assets that would force banks to put aside enough capital to cover 100% of potential losses.

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