Stefan Ingves

Watch out, banks: Regulators could get you on Bitcoin

ECB President Mario Draghi And Sveriges Riksbank Governor Stefan Ingves Hold Basel III Framework News Conference
Stefan Ingves doesn't seem to be a fan of casinos. Source: Bloomberg

Stefan Ingves isn’t supposed to have his job. Since 2011 he has chaired a group of international regulators known as the Basel Committee that is charged with designing better rules for the global financial system in the wake of the 2008 crisis. His term technically ended in June, but since nobody else stepped forward, “I do what I do,” he told Handelsblatt.

What he has done, is to finally corral a bunch of unruly regulators around the world into agreeing a new set of accords — referred to as Basel III by regulators and Basel IV by banks — that tighten capital requirements for financial institutions. While many countries still have complaints — Europeans complain it disadvantages their banks while Americans don’t like the global imprint — Mr. Ingves remains confident that its tenets will be transformed into national laws.

But as soon as his job is done the next challenge for global regulators appears on the horizon: Bitcoin.

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