Basel Committee to discuss development of cryptoasset rules

The Basel Committee on Banking Supervision (BCBS) plans to hold public consultations on the use of cryptocurrencies. This is stated on the site of the organisation.

“Continued growth and innovation in the cryptoasset space, together with related services and the heightened interest from some banks, could heighten concerns about global financial stability and the risks to the banking system under prudential supervision,” the BCBS noted.

The Committee intends to gauge the views of “stakeholders” regarding approaches to shaping the prudential framework for the risks banks face from cryptoassets. The results will be published in the near term.

The Basel Committee was founded in Basel, Switzerland in 1974 by the central bank governors of the Group of Ten. It operates under the Bank for International Settlements (BIS) and works to set uniform regulatory standards.

Earlier, the BIS head Benoît Coeuré acknowledged that Bitcoin has taken its place, but for payments CBDCs will be used. CBDCs.

In March, the organisation urged central banks to cooperate in the area of national digital currencies.