The Basel Committee believes that cryptocurrencies threaten the financial stability and work of banks

The Basel Committee on Banking Supervision (BCBS) engaged in the development of international banking standards published a statement in which he expressed its concern about the growing influence of cryptoaculations on the global financial system and future negative consequences of these changes.

The organization is valid for the bank of international settlements, which includes central banks of 60 countries of the world. In published today

BCBS also focuses on the fact that cryptocurrencies are not able to ensure the implementation of the main functions of money, so they cannot be used as a means of sharing and maintain value. By adding that they are not supported by any government or government agency, and are not a legitimate payment.

In addition to high volatility and associated risks, the Basel Committee talks about the immaturity of this class of assets, indicating the absence of uniform standards and continuity of development. Therefore, any bank that decides to work with cryptoactives is recommended to analyze the potential threats and develop mechanisms to combat them, make sure that the necessary technical knowledge is to disclose financial information on request of the regulatory authorities, to comply with all legislation and provide guarantees for services provided.

BCBS will continue to follow the development of the cryptocurrency market and promises to develop concrete recommendations for banks on this issue.

Previously, we also reported that the Central Bank of Russia