2018-6-21 16:38 |
Cryptocurrency is a poor substitute for fiat money, claims the Bank of International Settlements in a chapter of its annual report, released on June 17.
The sender is the message Before delving into the substance of the claim, a brief review of where it comes from is instrumental.
The Bank of International Settlements is an institution owned by the world’s 60-largest central banks that together command 95 percent of global GDP.
The Bank’s mission lies in promoting cooperation between central banks, for the sake of global monetary and financial stability.
All in all, the BIS report presents exactly the kind of criticism of crypto that one could expect from a conglomerate of central banks.
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