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Basel Committee publishes crypto-related guidelines for banks

13:43 14 March 2019

Summary:

  • 70% of crypto owners don’t use cryptocurrencies for payments too often, as survey says
  • Basel Committee publishes guidelines for banks wanting to enter the crypto market
  • Major cryptocurrencies begin today’s trading quite flat

The cryptocurrency market has launched Thursday’s trading quite flat. Note that a lot of major virtual currencies have been trading faintly in recent days. According to CoinMarketCap, the capitalization of the whole cryptocurrency market stands around the $134.5 handle whereas the market capitalization of altcoins sits a little below the $66 mark on Thursday morning.

Bitcoin (BITCOIN on xStation5) closed yesterday’s trading with a slight drop. Moreover, Bitcoin has begun Thursday’s trading also quite flat. The largest cryptocurrency is trading around the $3830 handle. Source: xStation5

Survey: 70% of crypto owners don’t often use their cryptos for payments

The Foundation for Interwallet Operations (FIO), which is a consortium handling blockchain wallets, exchanges, and companies related to payment processing, conducted a survey named “Blockchain Usability Report” concerning some crypto-related topics. The Foundation’s survey showed that 30% of surveyees sent cryptocurrency to someone else (including payments) at least once a month in 2018. Moreover, 27% of surveyees did not send any virtual currency during the same period of time. The Foundation asked over the 200 cryptocurrency owners.

Ethereum (ETHEREUM on xStation5) experienced four consecutive days of losses. Nevertheless, the scale of these drops could be described as quite moderate. Note that the second largest cryptocurrency is moving a notch above its 50-period moving average (a light green line) on the D1 chart at press time. Source: xStation5

Basel Committee publishes crypto-related guidelines for banks

The Basel Committee on Banking Supervision published yesterday guidelines titled “Statement on crypto-assets” for banks wanting to enter the crypto market. The Committee says that continued growth of crypto-asset trading platforms and financial products connected to crypto-assets could raise concerns related to financial stability and risks faced by banks. Moreover, it underlines that crypto-assets are characterized by, among others, their high degree of volatility and lack of standardisation. As a result, the Basel Committee expects that banks deciding to acquire crypto-asset exposures or similar services should adopt several issues. It mentions that banks should pay attention to due diligence (banks should assess risk related to crypto-assets), governance, risk management, disclosure (banks should disclose crypto-asset exposures) and supervisory dialogue (banks should inform supervisory authorities about their planned and actual crypto-asses exposures).

Ripple (RIPPLE on xStation5) tried to break above its 50-period moving average (a light green line) on the daily chart, but the cryptocurrency did not finally manage to do so. The third largest virtual currency is moving a notch below the $0.31 handle at press time. Source: xStation5

This content has been created by X-Trade Brokers Dom Maklerski S.A. This service is provided by X-Trade Brokers Dom Maklerski S.A. (X-Trade Brokers Brokerage House joint-stock company), with its registered office in Warsaw, at Ogrodowa 58, 00-876 Warsaw, Poland, entered in the register of entrepreneurs of the National Court Register (Krajowy Rejestr Sądowy) conducted by District Court for the Capital City of Warsaw, XII Commercial Division of the National Court Register under KRS number 0000217580, REGON number 015803782 and Tax Identification Number (NIP) 527-24-43-955, with the fully paid up share capital in the amount of PLN 5.869.181,75. X-Trade Brokers Dom Maklerski S.A. conducts brokerage activities on the basis of the license granted by Polish Securities and Exchange Commission on 8th November 2005 No. DDM-M-4021-57-1/2005 and is supervised by Polish Supervision Authority.

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 77% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 77% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

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