The market associations produced a joint response to the BCBS consultation.
A few days later, China’s central bank sent notice to the country’s financial institutions instructing them to stop dealing with cryptocurrency transactions, triggering a sell off in Bitcoin and the other digital currencies.
This is followed by statements from large domestic Chinese banks declaring that they will no longer provide accounts, transfers, payments in digital currencies.
Uncertainty on the future of cryptocurrencies as a method of payment continues.
Access to the Joint Associations response – https://www.gfma.org/correspondence/joint-trade-association-response-to-the-bcbs-consultative-document-on-the-prudential-treatment-of-cryptoasset-exposures/