The ‘Central Bank for Central Banks’ Disses Cryptocurrencies in New ReportThe Bank for International Settlements (BIS), which serves central banks in their efforts to promote monetary and financial stability, claims permissionless cryptocurrencies are not suited to serve as the basis of a monetary system, although the bank acknowledges there are niche areas where cryptocurrency can provide improved efficiencies.
The bank also acknowledges the possibility of central bank issued digital currencies, which several central banks are presently exploring.Central Banks Provide Stability
The bank offered its assessment on cryptocurrencies and distributed ledger technology in its annual economic report.
According to the report, for a monetary system to successfully facilitate transactions, it must be elastic to address demand and must be able to scale with the economy, a function central banks have successfully provided, the report noted. The central banks ensure the payment system operates efficiently and ensure the supply of reserves responds properly to shifting demand.
Cryptocurrencies’ decentralized technology, by contrast, offers an insufficient substitute for the traditional, institutional backing of money.
https://www.ccn.com/central-banks-central-bank-disses-cryptocurrencies-in-new-report/
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