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Bank Watchdog: Crypto Assets Fail as Money – and Digital Gold

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The Basel Committee on Banking Supervision (BCBS), a supranational banking watchdog, has warned that the growth of crypto assets like bitcoin pose a threat to banks and global financial stability, despite “very limited direct exposures.” BCBS Lays into Bitcoin, Says it’s Not a True Store of Value In a March 13 newsletter statement, the BCBS said that crypto assets fail both as money and “digital gold.” “While crypto-assets are at times referred to as ‘crypto-currencies’, the Committee is of the view that such assets do not reliably provide the standard functions of money and are unsafe to rely on as

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