What Did BIS Say About Cryptocurrencies in the World’s Top 20 Economies?

• It is stated that cryptocurrencies are not suitable for use as a monetary instrument.
• It is claimed that due to the structural problems of cryptocurrencies, they cannot be used in traditional economies.
• Central Bank Digital Currencies (CBDCs) are praised.

The Bank for International Settlements (BIS) has presented a report to G20 member countries stating that cryptocurrencies are not suitable for use as a monetary instrument. The report emphasizes the structural problems of cryptocurrencies and the importance of Central Bank Digital Currencies (CBDCs).

Warning on the Use of Cryptocurrencies in the Bank for International Settlements Report

The Bank for International Settlements (BIS) stated in its report sent to G20 member countries that cryptocurrencies are not suitable for use as a monetary instrument. The report claims that cryptocurrencies cannot be used in traditional economies due to their structural problems.

Structural Problems of Cryptocurrencies

The BIS report highlights the structural problems of cryptocurrencies such as security, scalability, and regulation. Considering these problems, it is stated that cryptocurrencies are unsuitable to play a significant role in the economy. The report refers to the collapses of FTX and Terra (LUNA) in this regard.

Central Bank Digital Currencies (CBDCs)

The report praises central bank digital currencies (CBDCs). BIS states that the majority of central banks are researching CBDCs and many are engaged in CBDC projects. BIS expects 24 CBDCs to be launched by 2030.

The report by the Bank for International Settlements draws attention to the structural problems of cryptocurrencies and the importance of CBDCs. This report can be an important resource for cryptocurrency users and investors.