The Bank for International Settlements’ (BIS) economic adviser and head of research Hyun Song Shin has said that cryptocurrencies should be treated the same as stocks and bonds, Business Times reported June 25.
Speaking at the annual general meeting of the BIS in Basel, Switzerland on June 24, Shin said: “If people pay to hold the tokens for financial gain, then arguably they should be treated as a security and come under the same rigorous documentation requirements and regulation as other securities offered to investors for a return.”
Shin’s words echo those of Governor of the Bank of England Mark Carney, who called for the regulation of cryptocurrencies rather than to “ban them outright” in March.
We regulate the offering of that security, and we regulate the trading of that security.” The BIS, which is a Switzerland-based bank for central banks operating under the auspices of international law, recently conducted a study asserting that cryptocurrencies will not be able to scale sufficiently to become a medium of exchange in a global economy.
In the report, the bank lists three major “shortcomings” that will keep crypto from replacing money: “scalability, stability of value, and trust in the finality of payments.”
Earlier this week, the Bank of International Settlements (BIS) in Switzerland issued a new document as part of its annual economic report that warns citizens of the dangers of digital currencies.
CNBC Fast Money’s Brian Kelly, responding to the release of the BIS’ annual report, on Monday said that The Bank for International Settlements [BIS] and other banks are the middlemen that cryptocurrencies like Bitcoin seek to do away with.
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