BCBS insists on banks expanding the adoption of cryptocurrencies!
In its new report, BCBS (Basel Committee on Banking Supervision) criticized the current policy of European regulators regarding restrictions on the access of traditional credit providers to digital assets.
This holds back the development of innovative financial technologies such as blockchain, DeFi and tokenized assets.
The Committee considers it necessary to significantly liberalize the position of both Central Banks and regulatory bodies in relation to the work of traditional financial and credit organizations with cryptocurrencies and decentralized protocols. At the same time, it is necessary to maintain supervision over the liquidity of the banking sector in periods of high volatility.
The mission of the Basel Committee is to implement uniform standards in the field of banking regulations. The Committee is engaged in the development of special initiatives, directives and recommendations for the regulators of the countries involved. These directives are often later presented at the legislation level.
The Committee considers it necessary to significantly liberalize the position of both Central Banks and regulatory bodies in relation to the work of traditional financial and credit organizations with cryptocurrencies and decentralized protocols. At the same time, it is necessary to maintain supervision over the liquidity of the banking sector in periods of high volatility.
The mission of the Basel Committee is to implement uniform standards in the field of banking regulations. The Committee is engaged in the development of special initiatives, directives and recommendations for the regulators of the countries involved. These directives are often later presented at the legislation level.
