• May 21, 2024

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Basel Committee: Banks Should Be Allowed to Work with Cryptocurrencies

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The Basel Committee on Banking Supervision believes financial regulators should reconsider their policy towards the cryptocurrency market.

Credit institutions representing the traditional market should be allowed to work with digital assets. If states limit the banking sector’s capabilities in this area, the process of introducing innovations and developing fintech will slow down.

According to the Basel Committee report, the softening of the position of central banks and other supervisory bodies will contribute to a deeper penetration of credit institutions into the cryptosphere customers.

At the same time, regulators are obliged to constantly analyze the situation on the market in order to prevent problems with the liquidity of the banking sector in the event of aggravation of volatility.