Money

Banks Oppose Strict Basel Rules Targeting Cryptocurrencies

The biggest U.S. and European banks oppose strict new rules that would require them to set aside a dollar in capital for every dollar of bitcoin they own, a group of trade associations representing the lenders told the top global standard setter for banking regulation.

The Basel Committee for Banking Supervision, a group of global central bankers and regulators, proposed the new rules in June. The Global Financial Markets Association, a forum for banks including JPMorgan Chase & Co. and Deutsche Bank AG , and five other industry associations pushed against them in a letter published Tuesday, arguing that the most traded cryptocurrencies, including bitcoin, shouldn’t face such strict capital requirements.

Banks Oppose Strict Basel Rules Targeting Cryptocurrencies Source link Banks Oppose Strict Basel Rules Targeting Cryptocurrencies

Back to top button