Pablo Hernández de Cos, governor of the Bank of Spain and chair of the Basel Committee on Banking Supervision, explained that the cryptocurrency space and decentralized finance need to be regulated swiftly to avoid risks of financial instability. Hernandez de Cos also mentioned how this swift approach should bring the crypto financial system into the scope of regulation before it grows bigger.
that there needs to be a swift move to regulate cryptocurrency and decentralized finance markets before they can grow to affect the financial stability of the economic system.Despite this phenomenal growth, cryptoassets still represent only about 1% of total global financial assets, and banks’ direct exposures are relatively limited to date. Yet we know that such markets have the potential to scale up rapidly and pose risks to individual banks and overall financial stability.
about this issue, stating that an increase in the exposure of private banks to crypto could introduce new equity and reputational risks.
Regulate defi? Lol good luck. Start by regulating cefi in a good way.
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And so it begins.
LOL - they want to regulate to get their pizzo, nothing else. They don't care sh*t if you lose your money in crypto - they just want their part, capisce?
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