Topic: [2021-06-11] New bank rules restrain and recognise crypto (Read 113 times)

In my opinion, it is no secret to anyone that states and their governments are mostly suspicious, if not hostile, of decentralized cryptocurrency. Many states are just looking at it so far, not knowing how to react to this financial innovation. At the same time, we must be aware that even with the legalization of cryptocurrency, states will at least implement its strict regulation. However, even the strict regulation of cryptocurrency should be regarded as a positive result, since at the same time it will be legalized and taken by state structures under their protection from various crimes and abuses in this area.

So nothing has changed; They've been doing that ^{[without the proper knowledge]} for as long as I can remember

Just those that are a threat to their existence...

Exactly and that might have to do with some of them ^{[or their friends]} being involved with a few of the crimes in question ^[SMH].

The quote says despite the risks that the cryptospace is being used by organized crime and terrorist groups. It is not claiming that much of its usage is in criminality. In reality, much of the usage is as a speculative investment hehe. However, you also cannot dismiss the argument that bitcoin and the whole cryptospace attract criminality.

This one always makes me laugh at how much of a hidden agenda the statement has.

Govt officials the world over finance organised crime.
Fiat $ finances organised crime.

BTC is only a tiny fraction of it.

Anything of value can finance organised crime, so we should destroy anything of value in the world?

In fact BTC allows tracking finances much more easily than the fiat $, so making claims about the issue of it's use by some organised crime is quite literally saying they don't want to be able to track organised crime more easily ...

It is a rare event that unites bitcoin believers and crypto critics. But both largely welcomed the news from the global rulemaker for big banks that it plans to apply the most punitive capital rules to lenders that hold crypto assets. It is plainly right to do so. Its action must be matched by co-ordinated policy around the world to make safer an asset whose popularity seems destined to keep growing, despite the risks that crypto finances organised crime and terrorism. Crypto’s volatility imperils increasing numbers of retail investors, not to mention posing credit risks for lenders.

The value of bitcoin, which accounts for roughly half the $2tn crypto market, rose by as much as $2,000 on Thursday’s announcement by the Basel Committee on Banking Supervision, fuelled by the notion that regulation, rather than an outright ban, was official recognition of an asset class that has now come of age. Either way, a $5,000 rise since Tuesday, spurred also by El Salvador becoming the first country to adopt bitcoin as legal tender, highlighted the committee’s point about volatility. Bitcoin has ricocheted from under $30,000 to over $60,000 this year, before crashing back to about $37,000.

Rather than regulating crypto assets themselves — which is not in the Basel Committee’s gift — the banking supervisors sought instead to tighten rules for regulated lenders increasingly dipping their toes into crypto’s murky waters. For now, that means offering research or facilitating client trading rather than banks’ own proprietary trading of crypto


Read more https://www.ft.com/content/ef08ed0a-20a5-471c-9455-4909c1d546dc