The BCBS is a committee of banking supervisory authorities hosted and supported by the Switzerland-based Bank for International Settlements (BIS) — an organization made up of 60 of the world’s central banks
In [the] statement, the committee warned that the robust growth of the crypto industry could potentially “raise financial stability concerns and increase risks faced by banks.” The committee noted the risks were present despite the crypto market’s currently small scale in relation to the scope of the global financial system.
The BCBS also argued that crypto assets are “unsafe to rely on” as a medium of exchange or store of value, two of the main functions of money, implying that “cryptocurrency” is a misnomer. The authority also stated that crypto assets do not represent legal tender and “are not backed by any government or public authority.”
Read the original article here: cointelegraph.com
Get headlines, breaking news, and jobs announcements delivered to your inbox. Sign up for our daily newsletter.