The Bank of International Settlements (BIS), the global body for central banks, claims the weaknesses in crypto that were pointed out before “have pretty much materialized.” BIS General Manager Agustin Carstens opined: “You just cannot defy gravity … At some point, you really have to face the music.”BIS on Crypto Weaknesses
The Bank of International Settlements (BIS) has warned that a perceived danger of decentralized digital money is materializing.
The BIS explained in its Annual Economic Report, published Tuesday, that the crypto market sell-off and the collapse of cryptocurrency terra (LUNA) and algorithmic stablecoin terrausd (UST) are indicators of a structural problem in crypto.
“Structural flaws make the crypto universe unsuitable as the basis for a monetary system: it lacks a stable nominal anchor, while limits to its scala...
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