Sumary of Global banking regulators put Bitcoin in highest risk category:
- GENEVA • Global banking regulators have moved to classify Bitcoin as the riskiest of assets, dragging cryptocurrencies further into the mainstream financial world..
- The Basel Committee on Banking Supervision proposed on Thursday that a 1,250 per cent risk weight be applied to a bank’s exposure to Bitcoin and certain other cryptocurrencies..
- The Basel Committee said the banking industry faces increased risks from crypto assets because of the potential for money laundering, reputational challenges and wild swings in prices that could lead to defaults..
- “The growth of crypto assets and related services has the potential to raise financial stability concerns and increase risks faced by banks,”…