S&P Global Ratings has said regulation and guidance needs to be implemented before cryptocurrencies can influence financial institutions.
In a report titled The Future of Banking: Cryptocurrencies Will Need Some Rules to Change the Game, S&P said cryptocurrencies represented a speculative instrument which meant a collapse would not disrupt global financial stability. If the virtual currency space did fall off a cliff, the research firm warned retail investors would be the first affected, however banks remained "largely insulated" due to the limited direct or indirect exposure. Mohamed Damak, financial institutions sector lead at S&P Global Ratings, said: "For now, a meaningful drop in cryptocurrencies' market value woul...
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