Basel gets tough on bitcoin

Business | Reuters 11 Jun 2021

Banks must set aside enough capital to cover losses on any bitcoin holdings in full, global regulators proposed yesterday, in a "conservative" step that could prevent widescale use of the cryptocurrency by big lenders.

The Basel Committee on Banking Supervision, made up of regulators from the world's leading financial centres, proposed a twin approach to capital requirements for cryptoassets held by banks in its first bespoke rule for the nascent sector. The Swiss-based Basel committee said that while bank exposures to cryptoassets are limited, their continued growth could increase risks to global financial stability if capital requirements are not introduced.



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