This article has been translated from English to Gen Z Slang.
The Basel Committee on Banking Supervision (BCBS), aka the squad based in Basel, Switzerland, is like the international VIP club of finance. They've got 45 members reppin' 28 countries worldwide. 🌎
It's basically a group of Central Bank and similar governing peeps coming together. 🤝
The Committee, or ya know, BCBS fam, uses a chill space to chat and decide on the global rules banks should vibe with when it comes to capital, liquidity, and funding. But low-key, what they decide isn't law or anything. 😅
Their main gig? Figuring out the whole bank supervision sitch and brainstorming on how to level up banking regulations globally. 🚀
When it comes to crypto assets, the Committee drops wisdom on banks about keeping their crypto risks low-key. They suggest different capital requirements for different crypto vibes, like stablecoins or that not-so-stable Bitcoin (BTC) and most altcoins. 💰
The OG 10 members were Belgium, Canada, France, Germany, Italy, Japan, Netherlands, Spain, Sweden, Switzerland, the United Kingdom, and the United States. Legacy squad goals, right? 🇧🇪🇨🇦🇫🇷🇩🇪🇮🇹🇯🇵🇳🇱🇪🇸🇸🇪🇨🇭🇬🇧🇺🇸