The Basel Committee on Banking Supervision under the Bank for International Settlements presented a set of standards for financial institutions planning to work with digital assets. At the same time, the organization warned of the risks that Bitcoin and other cryptocurrencies may incur.
First of all, the organization offers banks to carefully analyze the risks, determining the safe scale of implementation of cryptocurrency in their activities.
“The analysis should take into account the size of the bank’s own capital and its ability to provide liquidity,” the committee stressed.
Also, experts urge financial institutions to inform regulators about their plans to work with cryptocurrencies.
The Basel Committee nevertheless insists that the spread of cryptocurrency is a negative signal for the global banking system.
“Such financial instruments carry many risks for banks related to liquidity, lending, operations, fraud, money laundering, as well as relations with authorities and reputation. Increasing the number of cryptoplatforms may affect the financial stability of the banking system, ”the publication says.
Recall that in November 2018, the Swiss Financial Market Supervision Authority recommended banks set a risk ratio for cryptoactive assets at 800% .
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