{"id":16686,"date":"2023-01-20T19:23:19","date_gmt":"2023-01-20T19:23:19","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/banking-panel-reinforces-the-need-for-crypto-regulation-bitcoin-news\/"},"modified":"2023-01-20T19:23:19","modified_gmt":"2023-01-20T19:23:19","slug":"banking-panel-reinforces-the-need-for-crypto-regulation-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/banking-panel-reinforces-the-need-for-crypto-regulation-bitcoin-news\/","title":{"rendered":"Banking Panel Reinforces the Need for Crypto Regulation \u2013 Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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A group of global banking experts hosted by the World Economic Forum (WEF) convened about the need for global crypto regulation, including stablecoins and unbacked crypto assets. The panel agreed there must be at least some kind of base regulation for these assets and bank-equivalent regulation for blockchain applications seeking to offer products similar to what traditional banking offers.<\/strong><\/p>\n

WEF Global Banking Panel Seeks More Crypto Regulation<\/h2>\n

Global bankers have agreed on the need for more clear regulations for cryptocurrencies. In a panel<\/a> titled \u201cBanking in the Eye of the Storm,\u201d part of the Davos 2023 meetings of the World Economic Forum (WEF), directives of central and private banks examined the cryptocurrency market after the events that unfolded during 2022, including the fall of cryptocurrency exchange FTX.<\/p>\n

Fran\u00e7ois Villeroy de Galhau, governor of the Central Bank of France, explained that regulation for crypto markets was key for controlling the possible damage these might bring to investors in the future. Villeroy de Galhau stated:<\/p>\n

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The question is not whether we have to regulate or not\u2026 for sure we have to regulate. Some even say it\u2019s not a question of regulating, is a question of prohibiting.<\/p>\n<\/blockquote>\n

Villeroy de Galhau also pushed for the alliance of central banks and private banking institutions to partner in promoting innovation, including the adoption of CBDCs (central bank digital currencies).<\/p>\n

The governor of the Central Bank of France also expects the implementation of the finalized Basel Committee rules in all jurisdictions, which were approved<\/a> in December and offer directives for the exposure of banks to cryptocurrency assets.<\/p>\n

A Base Level of Regulation<\/h2>\n

While all panelists agreed on the need for at least a minimal level of regulation, including anti-money laundering (AML) and know-your-customer (KYC) measures for all assets, Tharman Shanmugaratnam, senior minister of Singapore, stated that some assets would better be unregulated, clarifying the risks that investing in these assets might bring possible investors.<\/p>\n

However, he clarified that any cryptocurrency and blockchain-based tech that aimed to offer comparable services to banks, including stablecoins, should be regulated in the same way traditional financial institutions are.<\/p>\n

Shanmugaratnam believes the answer of banks to crypto and blockchain innovation should be the linkage of local domestic systems with today\u2019s global payment systems, to help immigrants and SMEs<\/a>, which are currently served by cryptocurrency alternatives.<\/p>\n

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\nTags in this story
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Bank of France<\/a>, banking in the eye of the storm<\/a>, Basel<\/a>, basel committee<\/a>, CBDC<\/a>, Cryptocurrency<\/a>, davos 2023<\/a>, Fran\u00e7ois Villeroy de Galhau<\/a>, panel<\/a>, Payments<\/a>, Singapore<\/a>, Tharman Shanmugaratnam<\/a>, WEF<\/a><\/div>\n<\/div>\n

What do you think about the opinion bankers have on cryptocurrency regulation? Tell us in the comments section below<\/strong><\/em><\/p>\n

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\nSergio Goschenko <\/h6>\n

\nSergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved.<\/p>\n<\/div>\n<\/div>\n

Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

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Disclaimer<\/strong>: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com<\/a> does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.<\/p>\n<\/div>\n

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