BIS: Cryptocurrencies Do Not Pose Threat To World Market
The research of the analysts of the Bank for International Settlements (BIS) has shown that cryptocurrency is not dangerous for the stability of the world financial market, according to a report on the official BIS website.
Despite the fact that cryptocurrency is considered ineligible for regulation at the governmental level, the current news indicates that the amendments and rules created specifically for cryptocurrency and ICO meet high market requirements.
Bank for International Settlements (BIS)
As follows from the BIS report, the crypto markets are looking for support from regulated financial institutions and are ready to submit to jurisdiction, demonstrating that digital currencies can be regulated at the government level.
Meanwhile, BIS warns regulators that they should be extremely careful with a rapidly developing industry, even though it does not carry any risks to the global financial system.
In the report, the BIS representatives advise to monitor the crypto market and to be vigilant with respect to digital assets, while they are still quite harmless.
Earlier this spring, BIS also published a report on the Central Bank of Digital Currencies (CBDC), highlighting one of the main problems, namely that many transactions go beyond payment systems and implementation of monetary policy. Then the chair of the BIS' Markets Committee stated that any decision or action regarding the CBDC launch should be considered with utmost care, given all the factors.
Earlier, CoinMarketCap reported that the crypto market capitalization volume increased by 10% over the past week.