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 <p><span style="font-weight: 400">The international financial institution has strong concerns about the ability of these emerging economies to monitor the digital asset market as well as assess their financial stability </span><span style="font-weight: 400">risks</span><span style="font-weight: 400">.</span></p>  
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 </div> 
 <h2 id="strong-bis-report-details-crypto-risks-strong"><strong>BIS Report Details Crypto Risks</strong></h2> 
 <p><span style="font-weight: 400">These fears were amplified in the report released by the Consultative Group of Directors of Financial Stability (CGDFS) on Tuesday.&nbsp;</span></p> 
 <p><span style="font-weight: 400">The report which was titled “Financial Stability risks from <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> assets in emerging market economies” was conducted by <a rel="noopener noreferrer nofollow" title="BIS" href="https://thebittimes.com/tag/bis.html">BIS</a> member central banks within the CGFDS. The central banks of Argentina, Brazil, Chile, Canada, Colombia, and the United States were some of the participants in the study.</span></p> 
 <p><span style="font-weight: 400">Precisely, the report explained that <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>currencies like Bitcoin (BTC), Ethereum (ETH), and others are often </span><span style="font-weight: 400">promoted</span><span style="font-weight: 400"> as a quick solution to financial challenges with an “illusory appeal.</span></p>  
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 </div> 
 <p><span style="font-weight: 400">The study says that these assets “have been promoted as low-cost payment solutions, as alternatives for accessing the financial system and as substitutes for national currencies in countries with high inflation or high exchange rate volatility.”</span></p> 
 <h2 id="strong-bis-advocates-cautious-approach-to-crypto-strong"><strong>BIS Advocates Cautious Approach to Crypto</strong></h2>  
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 <p><span style="font-weight: 400">Reportedly, many authorities have seen through this asset class and discovered that they hold certain risks especially due to their volatility. This knowledge has led some jurisdictions to introduce policies which seek to address those risks. Some nations like China have turned to outright ban of the bolstering asset class, others tried to manage the industry with regulation.</span></p> 
 <p><span style="font-weight: 400">However, the paper made it clear that it is necessary that these authorities do not engage in an “excessive prohibitive manner” as this also holds some risks.&nbsp;</span></p> 
 <p><span style="font-weight: 400">Moreso, the adoption of such a strategy could drive crypto assets to the shadows and that is not the intention for the nascent industry. It is still believed that crypto and blockchain technology could still be applied in a more constructive way.</span></p> 
 <p><span style="font-weight: 400">Hence, the <a rel="noopener noreferrer nofollow" title="BIS" href="https://thebittimes.com/tag/bis.html">BIS</a> has urged local regulators to adopt selective ban, containment and regulation of certain types of <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> assets. In addition, these regulators are urged to establish clear regulatory mandates that create a distinction between activity-based and entity-based regulations.</span></p> 
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BIS Warns of Crypto-Born Financial Risks

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