#CryptoCorner: #Crypto Could “Raise Financial Stability Concerns” According to Basel Committee, Coinbase Pro Adds XLM Support
#CryptoCorner:
#Crypto Could “Raise Financial Stability
Concerns” According to Basel Committee, Coinbase Pro Adds XLM Support
Point Roberts, WA, Delta BC March, 14 2019
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March
14
Crypto Corner
Crypto Could “Raise Financial Stability
Concerns” According to Basel Committee, German Bankers Association Anticipates
Regulation to Check DLT Development, Coinbase Pro Adds XLM Support and Thai
Stock Exchange Building Digital Asset Platform
A group of banking
authorities known as the Basel Committee, part of the Bank of International
Settlements (BIS), issued a report yesterday claiming
that cryptoassets “increase risks faced by banks”. The Committee cites
volatility, lack of standardization, money laundering and terrorism risks, and
the inadequate functioning as a proper currency as reason why crypto threatens
traditional banking and market stability.
The past few years have seen a growth in
crypto-assets. While the crypto-asset market remains small relative to that of
the global financial system, and banks currently have very limited direct
exposures, the Committee is of the view that the continued growth of
crypto-asset trading platforms and new financial products related to
crypto-assets has the potential to raise financial stability concerns and
increase risks faced by banks.
A statement issued by the
German Bankers Association posited that with the growth of distributed ledger
technology, new regulation may be necessary. As the use and development of DLT
increases, the statement argues, updates to regulation may be required to check
the disruptive nature of the technology.
A blog
post yesterday
revealed that Coinbase has added support for Stellar Lumens (XLM) on its Coinbase
Pro platform. The post indicates that after 12 hours of deposits, which has now
elapsed, full trading of XLM will commence. And once enough XLM is on the
platform, trading with USD, EUR and BTC pairs will begin
in phases.
The Stock Exchange
of Thailand (SET) has announced that it is building
a digital asset platform for a 2020 launch. This comes as part of an overhaul
of the Thai capital market, which is being put through a “complete
digitization” process. SET President Pakorn Peetathawatchai said:
“SET strongly believes that the
collaboration with all stakeholders in enhancing the existing infrastructures
that are a backbone of the current ecosystem and in building the new digital
asset ecosystem will be a turning point that will take the Thai capital market
to the next level. SET stands ready to build and operate the capital market
that is underpinned by trust.”
Sam Mowers, Investorideas
Read other editions of the Crypto Corner
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