Crypto Adoption Not Driven by Mistrust, BIS Finds

2021-7-2 21:05

US investors in cryptocurrencies are not driven by a distrust of the mainstream financial industry, according to the Bank for International Settlements (BIS). 

Instead, they are motivated by the potential of making a positive return, BIS discovered in its latest report. According to the report, cryptocurrencies are “not sought as an alternative to fiat currencies or regulated finance, but instead are a niche digital speculation project.

Distrust or speculation?

The latest paper, “Distrust or speculation?,” sought to explore whether crypto is popular because of distrust in mainstream finance. However, the BIS said it could preliminarily rule out that idea. The is because crypto holders see no difference from the perceived security of cash from non-crypto holders.

The paper came to several generalizations about owners of cryptocurrency. Many with security concerns around fiat money may seek information around crypto, but ultimately don’t invest. Also, crypto owners are more likely to find cash and traditional banking services less convenient. 

However, this doesn’t extend to online banking. Additionally, a higher level of education increases the likelihood of owning crypto, the BIS found. This was found to be in line with wider financial markets, where participation increases by 2% with each extra year of education. According to BIS research, crypto owners also have above-average household incomes.

The research also delineated different crypto assets. It found that owners of XRP and Ether are likely to be the most educated, with Litecoin owners the least. XRP and Ether holders were also found to be among the wealthiest crypto owners, along with Stellar.

BIS efforts

Meanwhile, the BIS has been working with many central banks around the world in the development of central bank digital currencies (CBDCs). In addition to working with central banks to help set a standard, BIS says CBDCs are also essential. Without CBDCs, BIS warns that governments could lose control of the money supply to private issuers. 

The post Crypto Adoption Not Driven by Mistrust, BIS Finds appeared first on BeInCrypto.

Similar to Notcoin - TapSwap on Solana Airdrops In 2024

origin »

Emerald Crypto (EMD) íà Currencies.ru

$ 0.0095806 (+7.58%)
Îáúåì 24H $0
Èçìåíåèÿ 24h: 2.35 %, 7d: -7.78 %
Cåãîäíÿ L: $0.0086651 - H: $0.0095806
Êàïèòàëèçàöèÿ $183.154k Rank 1690
Äîñòóïíî / Âñåãî 19.117m EMD / 32m EMD

crypto bis driven finds adoption mistrust international

Èñòî÷íèê: beincrypto.com

crypto bis → Ðåçóëüòàòîâ: 37


Ôîòî:

U.K. Banks Warned to Be Careful With Cryptocurrencies

The Bank of England has warned U. K. lenders to study cryptocurrencies before doing business in the space. In a letter sent out to the financial institutions in the country yesterday, the Bank of England Deputy Governor Sam Woods warned financial companies to take appropriate steps to protect themselves against "exposure to crypto-assets" which he believes are susceptible to "fraud and manipulation, as well as money-laundering and terrorist financing risks.

2018-6-29 18:17


Ôîòî:

Retail Adoption of Crypto Would “Bring the Internet to a Halt” – BIS Report

The Bank of International Settlements (BIS) has leased a chapter from its forthcoming annual report that delivers a critical appraisal of bitcoin and cryptocurrency. The report attacks virtual currencies from several main standpoints: claiming that cryptocurrencies do not effectively perform monetary functions due to price volatility, that the retail adoption of blockchain-based payment mechanisms would […] The post Retail Adoption of Crypto Would “Bring the Internet to a Halt” – BIS Report appeared first on Bitcoin News.

2018-6-20 11:20


Ôîòî:

BIS Crypto Report Undermines Itself. Not Cryptocurrency.

Over the past few days, media outlets have taken it in turns to report on a recent assessment published by the Bank of International Settlements (BIS) on Sunday. Titled as “Cryptocurrencies: looking beyond the hype” and running to 24-pages, the BIS report argues that cryptocurrency would make a poor substitute for fiat currency, highlighting problems with instability; a […] The post BIS Crypto Report Undermines Itself. Not Cryptocurrency. appeared first on Crypto Briefing.

2018-6-20 18:39


Ïàðòíåðû Currencies.ru

Ðåêëàìà íà Currencies.ru

Ñàìîå ñâåæåå íà Currencies.ru

Brick and Mortar Crypto Exchanges Find Niche Market

Physical interactions with digital currencies are becoming more widespread, with more brick-and-mortar exchanges complementing the proliferation of crypto ATMs in North and Central America The post Brick and Mortar Crypto Exchanges Find Niche Market appeared first on BeInCrypto.