Basel Committee Issues New Crypto Asset Warning

The Basel Committee on Banking Supervision (BCBS) issued a statement on “crypto-assets,” highlighting that new financial products related to crypto have the potential to increase the risks to banks who engage in digital or crypto assets. This is, notably, at the least, a stark departure in tone from statements issued by other international bodies like the International Monetary Fund and earlier Financial Stability Board communications shared with the G20.  The BCBS, an informal standard setting body, was established by central bank governors to cooperate on regulatory and supervisory matters.  The story is here.