Head of the Basel Banking is warning Banks doing crypto-business!

According to the head of the Basel Committee on Banking Supervision, financial institutions should be stopped doing business with Bitcoin and cryptocurrencies.

“Potential of money-laundering risk in this market, it would be quite difficult for banks to become active in these markets on a large scale,” said Stefan Ingves, who is also the Swedish central bank governor. Banks are required to identify their customers. In addition, the price increases in the Bitcoin are very large. “It shows that crypto currencies are very risky and have nothing in common with a regular payment system, so I would advise banks to keep their hands off,” Ingves said.

From the point of view of the Central banker, Bitcoin is not a currency.

“There is no oversight over these markets, so trading Bitcoin is like going to the casino.”

According to this there is always a way to avoid money laundering when exchanging these electronic assets in Euro, Dollar and other currencies.

“It’s very likely that Governments will keep an eye on these developments,” says Ingves, adding that banking regulators need to keep an eye on cryptocurrencies.

Investors were moderately impressed by the comments. On Sunday afternoon, Bitcoin was traded less.

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