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Basel Committee Highlights Crypto Concerns
The Basel Committee, established under the auspices of the Bank for International Settlements, has issued a statement highlighting its concerns that “the continued growth of crypto-asset trading platforms and new financial products related to crypto-assets has the potential to raise financial stability concerns and increase risks faced by banks.” The Committee, which reports to the Group of Central Bank Governors and Heads of Supervision, acknowledges that the crypto-asset market remains “small” and that banks have “limited direct exposures”, however it argues that such assets do not “reliably provide the standard functions of money and are unsafe to rely on as a medium of exchange or store of value”.

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