14. March 2019BTC$3.866,08 -0.23%part Facebook Twitter LinkedIn xing mail
The Basel Committee for banking supervision (BCBS) currencies reacts with its publication on the growing interest in Bitcoin and other Crypto. Although the crypto-market in comparison to the global financial system is still small, however, the steady growth of the Bitcoin-exchanges as well as new financial products in connection with crypto-currencies to increase the risks for banks are:
however, The Committee is of the view that such assets do not provide the standard functions of money reliably and as a medium of exchange or store of Value uncertain. They are not legal tender and are not supported by any government or authority.
in Addition, the Bank custodians to lead the high volatility of crypto-Assets. Due to the constant development and the lack of standardization, apply to the Committee in addition, as an immature Asset class.a lot of risks by Bitcoin & co.?
risks to banks, the BCBS, the liquidity risk, credit risk, market risk, operational risks (including fraud risks and cyber risks), the risk of money laundering and the financing of terrorism, as well as legal and reputational risks. Accordingly, the Committee expects that a Bank that wants to offer services in connection with Bitcoin & co., special provision shall be made.
The Committee has, finally, worked on four points, the banks should consider as a minimum requirement in dealing with crypto-currencies: due diligence, risk management, disclosure and dialogue with the Supervisory authorities. On the subject of risk management, the Committee describes the threats as follows:
Classic Bank services vs. crypto-transactions
In view of the anonymity and the limited regulatory oversight of many crypto-Assets, the risk management system should be integrated [...] into the risk management processes, including those relating to the combating of money laundering and terrorist financing, circumvention of sanctions, as well as enhanced fraud monitoring.
studies from different institutions in connection with the funding of terrorism and money laundering lead to very different findings, as the estimates of the BCBS. The article BTC-ECHO.
The Basel Committee for banking supervision (BCBS) is a global Standard for prudential regulation of banks and provides a Forum for regular cooperation on banking supervision. The 45 members consist of Central banks and Bank Supervisory authorities from 28 countries. The order of the BCBS to strengthen the regulation, supervision and practices of banks and improve financial stability. The Committee may not take any legally binding decisions.
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