Cryptocurrency Report on 20 Countries with the World’s Largest Economy from BIS: What Did It Say?

A report has been sent by the Bank for International Settlements (BIS) to G20 member countries, stating that cryptocurrencies are not suitable for use as a monetary instrument due to their inherent problems.

BIS 11 July made up of 20 countries with the largest economies in the world G20 In his research report presented to the group, cryptocurrencies structural problems because of traditional economy in monetary instruments aspect that they cannot be used He claimed.

In the report sent by the BIS to the ministries of finance, all cryptocurrencies to investments, to improvementsmillions individual And institutional despite the user innovation for the public good using unsuccessful was stated. In addition, the cryptocurrency ecosystem is still big extent isolated One ecosystem in its existence and that it does not finance a real economic activity were among the details discussed in the presentation.

The failure of cryptocurrencies security, scaling, And audit BIS, which connects it to various structural problems such as important in economy to play a role unfavorable stated that. In this direction, the BIS FTX And To the downfall of Terra (LUNA) referred to.

On the other hand, another issue in the report is digital central bank currencies (CBDC) it happened. BIS addresses the disadvantages of cryptocurrencies, while CBDCs commendably talked about. central banks 93% research CBDCs And more than half of CBDC studies said to have done. BIS, 2030 in the year 15 retail and 9 wholesale Launch of 24 CBDC waiting.

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