The head of the Bank for International Settlements (BIS) continued the institution’s critical stance on cryptocurrency, saying it “cannot assume the functions of money,” BIS reports July 4.
The head of the Bank for International Settlements (BIS) continued the institution’s critical stance on cryptocurrency, saying it “cannot assume the functions of money,” BIS reports July 4.
Speaking to Swiss newspaper Basler Zeitung last week, subsequently published by BIS itself, general manager Agustin Carstens cautioned “young people” against “trying to create money,” drawing comparisons to Bitcoin mining.
“Cryptocurrencies do not fulfil any of the three purposes of money.
They are neither a good means of payment, nor a good unit of account, nor are they suitable as a store of value.
One mustn’t forget that central banks have been providing electronic means of payment for decades,” he continued.
The general manager of the Bank of International Settlements (BIS) Agustin Carstens has renewed the institution’s attacks on cryptocurrency, calling them “a bubble, a Ponzi scheme and an environmental disaster.
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.
The Bank for International Settlements (BIS) dedicated a full chapter to cryptocurrencies in its 2018 Annual Economic report prerelease. The report concluded that design flaws and cumbersome cost of establishing decentralized trust make cryptocurrencies fail as a viable money substitute.
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
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.
The Bank of International Settlements (BIS), an international financial institution that acts as a bank for central banks of nations, fostering international monetary and economic cooperation, has stated that bitcoin and other digital assets are not perfect examples of money.
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.
To lay the foundation for everything we’ll learn in the Bitcoinist Book Club, we had to start with “The Bitcoin Standard” by Saifedean Ammous. A fair amount of experts in the field recommend it as the first Bitcoin book people should read.
On December 5, the American author and retired politician, Ron Paul, joined the Stephan Livera Podcast episode 234 and discussed cryptocurrencies and bitcoin at great length. During the interview, the prominent libertarian said when bitcoin came out he was still in congress and he thought the most important thing to do at the time was […]
The post Ron Paul Advises Bitcoin Proponents to ‘Be Vigilant’ of Government – ‘There’s Information Collected’ appeared first on Bitcoin News.
Cryptocurrencies like Bitcoin are the “next natural step” for the global economy, according to academics from the Imperial College London in a study commissioned by cryptocurrency exchange eToro.
Just recently the notorious libertarian and Austrian economist, Ron Paul, released a paper that discusses the world’s issues with central economic planning. In the report, Paul goes into vast detail on how precious metals and cryptocurrencies can co-exist in order to prevent current market monopolies from “rigging the economy.
Bitcoin’s volatile history in pictures 8 show all Cryptocurrencies are quite new but the history of money is very old. Paper money is only a few hundred years old in Europe but was used a couple of thousand years ago by the Chinese.