Bank of International Settlements Report: Authorities May Consider Curbing, Regulating, or Outright Banning the Crypto Industry to Address Crypto Risks

The Bank of International Settlements (BIS) released a report on addressing the risks of cryptocurrencies, saying that the recent detonations of companies such as FTX have rekindled the debate on the appropriate policy response to address the risks of cryptocurrencies. Authorities may consider different, and not mutually exclusive, courses of action to address risks in cryptocurrencies, including containment or regulation of the crypto industry or outright bans. There are also efforts by central banks and public authorities to make TradFi more attractive, and a key option is to encourage sound innovation in central bank digital currencies (CBDCs).