Crypto regulation: the golden Bitcoin cage made by the bankers of the Basel Committee


Cryptos brought to heel? – Whether the central banks countries or supranational financial organizations like the IMF, all wish in chorus that Bitcoin (BTC) and cryptocurrencies are very severely supervised. In particular (only?) so as not to do too much competition to their fiat currency, nor disrupt their multiple monetary interventions too much. the Basel Committee on Banking Supervision (CBCB) keeps a close eye on this regulation of crypto-assets.

A deadly regulatory “prudence” for blockchain innovations?

the Basel Committee on Banking Supervision (Basel Committee on Banking Supervision) is a conference that meets four times a year at the Bank for International Settlements (Bank for International Settlements). This committee deals with everything relating to the supervision and regulation of banks.

But clearly, one of the last concerns of these bankers was rather: crypto-assets. As Cointelegraph reports in particular, the BCBS has been working very actively on regulatory proposals. Not on the banks, but of course Bitcoin and his ilk.

In June 2022, the Basel Committee launched a second consultation on “the prudential treatment of exposures to crypto-assets”. And as much to prevent immediately, as we will see, this caution wants to be very, very, excessive.

>> Would you like a $20 bonus in USDT? Register quickly on Bitget and make a first trade (trade link) <<

The Basel Committee would like to strangle the crypto sector, that it would not do it otherwise

Be careful, the answers BCBS crypto-regulatory proposals are salty. They illustrate the danger that these proposals bring to digital assets.

” [Les propositions du CBCB] would significantly reduce – even, would prevent – banks to use the advantages of distributed ledger technology (DLT). Technology that would allow certain banking, financial intermediation, and other traditional financial functions to be carried out more efficiently. »

Richard Gray, director of regulatory affairs at the Institute of International Finance (IIF),

Indeed, the BCBS divides digital assets into 2 broad categories. First, the group 1which consists of “crypto-assets” (crypto-assets) which are supervised and regulated like their equivalents in traditional finance. And then the group 2which relates to the “cryptocurrency” (cryptocurrencies). Regarding this second group, the banks could not potentially expose only 1% of their own funds to this category.

The response group to the consultation of the Basel Committee replies to him as well as, if he supports a regulatory framework for cryptos, this one is not to be “restrictive to the point that it would effectively exclude the participation of banks”. In the cryptosphere too, we would like regulations (in the European Union in particular) not to aim at kill the sector, by choking.

Crypto is bullshit, no offense to the BCBS. Sign up now on Bitget and make a first trade. You will then receive a $20 bonus in USDT! Limited-time offer, reserved for the first 1000 subscribers (commercial link, see conditions on the official website).



Source link -95