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Banks Oppose Strict Basel Rules Targeting Cryptocurrencies

The largest U.S. and European banks oppose strict new guidelines that may require them to put aside a greenback in capital for each greenback of bitcoin they personal, a gaggle of commerce associations representing the lenders instructed the highest world commonplace setter for banking regulation.

The Basel Committee for Banking Supervision, a gaggle of worldwide central bankers and regulators, proposed the new rules in June. The International Monetary Markets Affiliation, a discussion board for banks together with JPMorgan Chase & Co. and Deutsche Financial institution AG , and 5 different trade associations pushed towards them in a letter revealed Tuesday, arguing that probably the most traded cryptocurrencies, together with bitcoin, shouldn’t face such strict capital necessities.

https://www.wsj.com/articles/banks-oppose-strict-basel-rules-targeting-crypto-currencies-11632228967?mod=rss_markets_main | Banks Oppose Strict Basel Guidelines Focusing on Cryptocurrencies

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