Cryptocurrency Industry May Threaten Stability Of Banks And Finances

Cryptocurrency Industry May Threaten Stability Of Banks And Finances, The committee warned that strong growth in the encryption industry could “provoke financial stability problems and increase the risks faced by banks.”

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The committee noted that although the encryption market is currently small, there are risks to the global financial system. The two main functions of encrypting assets as a medium of exchange or storage value are “unreliable”, implying that “cryptocurrency” is a misnomer. The authorities also stated that crypto assets do not represent fiat money and are “not supported by any government or public agency.” The interaction between banks and cryptocurrency-related businesses and the associated risks, including money laundering, terrorist financing, fraud And hacking, BCBS provides a minimum list of requirements for banking-operated cryptographic asset-related services.

Bungwe la Cryptocurrency Lingayambitse Kukhazikika kwa Mabanki Ndiponso Ndalama, Komitiyi idachenjeza kuti kukula kwakukulu kwa makampani opanga makina “kungakhumudwitse mavuto a zachuma komanso kuonjezera mavuto omwe mabanki akukumana nawo.” Komitiyi inati ngakhale kuti msika wamakinawa uli wamng’ono, pali ngozi ku dongosolo lachuma la padziko lonse. Ntchito ziwiri zazikuluzikulu zogwiritsira ntchito zida zogulitsa kapena zosungirako ndalama ndizo “zosakhulupirika”, kutanthauza kuti cryptocurrency ndizovuta. Akuluakulu a boma adanenanso kuti crypto assets siyimilira ndalama ndipo sizigwirizana ndi boma lililonse kapena bungwe la boma. Kugwirizana pakati pa mabanki ndi mabungwe okhudzana ndi cryptocurrency ndi zoopsa zowonjezereka, kuphatikizapo ndalama zowononga ndalama, ndalama zamagulu, chinyengo, BCBS imapereka mndandanda wa zofunikira za mabungwe ogwira ntchito ku banking-operated cryptographic.