Bitcoin Climbs as Regulators Propose Banking Capital Rules

June 10, 2021, 1:32 PM

Bitcoin rallied following a proposal from global regulators that would introduce capital requirements for banks dealing in crypto.

The largest digital token gained 5.1% to $38,250 as of 11:07 a.m. in London.

The announcement from the Basel Committee on Banking Supervision is another sign that the world of traditional finance is responding to the rise of crypto assets. While the proposal would introduce tough capital controls, it also shows that regulators are taking the fast-growing market seriously and preparing the banking industry for how to deal with its widespread adoption.

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