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22 June 2021

Global banking regulators call for toughest rules for cryptocurrencies

Global banking regulators call for toughest rules for cryptocurrencies

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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.

While most regulated banks currently have limited exposure to cryptocurrencies, the committee warned that the “growth of crypto-assets and related services has the potential to raise financial stability concerns and increase risks faced by banks.”.

If adopted, the committee’s capital requirements could put some banks off dealing in cryptocurrencies, which have surged in value over the past year, but have proven incredibly volatile, owing to the fact that they are not backed by any other underlying assets such as dollars or gold to help ground the price.

El Salvador announced this week that it would become the first country to adopt bitcoin as legal tender, despite repeated warnings from central banks that investors should be ready to lose all their cash.

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