Top universal banking formal warns of virtual currency risks

according to A highest international banking formal tells which central banks ought be prepared to intervene to protect virtual currencies becoming a menace to financial stability. Agustin Carstens, the puplic manager of the Bank for International Settlements — an international Administration for central banks — told Tuesday which bitcoin "has become a combination of a bubble, a Ponzi scheme & an environmental disaster." In a speech in Frankfurt, Germany, Carstens told many people believe very far that, given the limited size of virtual currencies, "concerns about them don't height to a systemic level." But he added which "if authorities don't act pre-emptively, cryptocurrencies can become further interconnected by the major financial system & become a menace to financial stability." He told central banks have to be prepared to intervene if necessary.

U.S. regulators probably ask America Congress for virtual currency legislation

The comments with SEC Chairman Jay Clayton before the Senate Banking Committee are the strongest indication yet which federal authorities are mulling fresh laws to scrutinize virtual currency trading & investing. "We perhaps be back with our friends from Treasury & the federal to ask for extra legislation," Clayton told the time asked whether America Congress needed to act on virtual currencies. Federal legislation can help rationalize this patchwork & clarify which agency has the authority to police the underlying virtual currency cash market, the regulators said. Bitcoin (virtual currency) coins are seen in an illustration footage taken at La Maison du Bitcoin in Paris, France, probably 27, 2015. Committee members, however, did'nt appear to stake out a clear position on whether to pass virtual currency legislation.

U.S. regulators may ask Congress for virtual currency legislation

Japan plans further raids on virtual currency exchanges- Nikkei Asian Review

as informed in Coincheck Information Systems 1 of 32 companies which operate virtual currency interchanges in Japan. Raids on deficient companies going to kick off Japan's push for stronger security & security across the virtual currency industry. The FSA Information Systems considering disciplinary measures involving perfection orders for marketplace operators whose systems are found to be lacking. As the market for virtual currencies expands, many operators have prioritized attracting fresh customers by convenient advanced like instant withdrawals, letting security measures languish. Consumers too face difficulties in shopping around for safety, as whatever security measures the interchange operators take are often hidden from public view.

collected by :Mathio Rix

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