Banks chart cautious virtual currency policy

Clamping down: A man is seen using a bitcoin ATM in El Salvador. The Basel Committee on Banking Supervision has said that they’re planning to assign bitcoin and other crypto products the toughest capital requirements for any bank that wants to hold them. ― AFP

WASHINGTON: Banks looking to expand into the wild world of crypto got a pointed reminder from regulators this month of the risks involved.

The Basel Committee on Banking Supervision said June 10 that they’re planning to assign bitcoin, among other crypto products, the toughest capital requirements for any bank that wants to hold it. The standard setters said that the risks to financial stability would be significant if banks do expand their offerings in the volatile market.