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Crypto collapses lessen pressure on banks and regulators

Crypto collapses lessen pressure on banks and regulators

The recent collapse of crypto assets should spur on central banks with the digital currency programmes, the Bank for International Settlements has said. BIS general manager Agustin Carstens said the recent implosions in the cryptocurrency markets proved the long-warned-about dangers of decentralised digital money are now materialising. Asked how long before international standards for CBDC interoperability might be agreed, he said: "I think in the next couple of years. Probably 12 months is too short." The FT reports on how the crypto crash brought a sigh of relief for “Tradfi” advocates while regulators should “face an easier task reining in an industry battered by price collapses they warned about.”

Read more: Daily Mail

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