The Fed, FDIC, OCC and IMF issue warnings on crypto risks Bitcoin FederalReserve FederalDepositInsuranceCorporation
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According to the regulators, certain sources of funding from crypto-asset-related entities could potentially pose heightened liquidity risks to banking organizations “due to the unpredictability of the scale and timing of deposit inflows and outflows.” “More broadly, when a banking organization’s deposit funding base is concentrated in crypto-asset-related entities that are highly interconnected or share similar risk profiles, deposit fluctuations may also be correlated, and liquidity risk therefore may be further heightened,” the statement said.
“Directors generally agreed that crypto assets should not be granted official currency or legal tender status in order to safeguard monetary sovereignty and stability,” the statement said, and called for countries to clarify tax treatment and align their regulations with global standards. Due to these risks, they believe a comprehensive framework for dealing with cryptocurrencies needs to be agreed upon by member states.
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