Basel Committee warns banks against crypto assets12

The Basel Committee on Banking Supervision has warned banking institutions about the risks associated with crypto assets. The committee is hosted and supported by the Swiss Bank for International Settlements, an organisation owned by 60 central banks.

The Committee states the growth of the crypto industry could potentially “raise financial stability concerns and increase risks faced by banks.” According to the Committee, cryptocurrencies “do not reliably provide the standard functions of money.” It also believes they are not safe enough to be used as a medium of exchange. The Committee also notes no government or public authority backs crypto assets.

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