BIS attacks crypto in report to G20 officials
But report promotes DLT for use in cross-border wholesale CBDC
The Bank for International Settlements attacked crypto assets in a report to the Group of Twenty today (July 11), while detailing continued progress on central bank digital currency (CBDC) in a second report.
Stark in its condemnation of crypto, the BIS concluded that “crypto’s inherent structural flaws make it unsuitable to play a significant role in the monetary system”.
The structural flaws “derive from the underlying economics of incentives of validators rather than from technology”, the
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