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Basel Committee Says It Will Study Crypto-Asset Rules
The committee said it will publish a consultation document later this week.
Updated Sep 14, 2021, 1:07 p.m. Published Jun 7, 2021, 4:03 p.m.
The Bank for International Settlements’ Basel Committee plans to hold a public consultation on the treatment of crypto-asset exposures.
- The committee said it met on June 4 and discussed market developments relating to crypto assets.
- It also discussed the development of methods for treating banks that provide exposure to crypto assets.
- Growing interest in crypto assets and the pace of innovation in the industry “could increase global financial stability concerns and risks to the banking system,” the committee said.
- It plans to canvas the views of external stakeholders on banks’ exposures to crypto assets, and a consultation paper will be published this week.
Read more: BIS Plans Platform for Testing Central Bank Digital Currencies in Cross-Border Payments
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The statements signal a potential shift in stance within the French government and its central bank.
What to know:
- French Finance Minister Roland Lescure called for more euro-denominated stablecoins and urged EU banks to explore tokenized deposits, marking a notable policy shift in Paris.
- Lescure backed Qivalis, a consortium of 12 European banks planning to launch a euro-pegged stablecoin in the second half of 2026 to counter U.S. dominance...
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