BIS Report: Structural Flaws Make Cryptocurrency Unsuitable as Monetary Instrument

The Bank for International Settlements (BIS), in a report to the finance ministers of the world’s twenty largest economies, said that structural flaws in the nature of cryptocurrency render it inappropriate for use as a monetary instrument. “They Can’t Finance Real Economic Activities” In the report presented by the BIS, which brings together the world’s leading central banks, to the finance ministers of the world’s twenty largest economies, instability, inefficiency, and accountability issues were highlighted more than the potential innovative benefits of cryptocurrencies, such as automatic payments. The report, prepared for the G20 finance ministers and central bank governors meeting to be held in Gandhinagar, India this weekend, said that despite the inclusion of millions of individual and institutional investors in the growing sector, “Cryptocurrencies have so far failed to use innovation for the benefit of society.” The report stated, “Cryptocurrencies largely continue to self-reference and do not finance real […] The post BIS Report: Structural Flaws Make Cryptocurrency Unsuitable as Monetary Instrument appeared first on COINTURK NEWS.