• About Us
  • Contact Us
  • Privacy Policy
  • Terms & Conditions
Monday, July 4, 2022
  • Login
  • Home
  • Crypto News
    • Bitcoin
    • Ethereum
    • Litecoin
    • Ripple
    • Altcoin
    • Stablecoin
    • Press Release
  • Blockchain
  • Business
  • Market Analysis
  • Live Price
  • ICO News
  • Regulation
  • Guide
  • Trading
No Result
View All Result
Crypto Reception
  • Home
  • Crypto News
    • Bitcoin
    • Ethereum
    • Litecoin
    • Ripple
    • Altcoin
    • Stablecoin
    • Press Release
  • Blockchain
  • Business
  • Market Analysis
  • Live Price
  • ICO News
  • Regulation
  • Guide
  • Trading
No Result
View All Result
Crypto Reception
No Result
View All Result
Home Market Analysis

Bitcoin “Has Few Redeeming Public Interest Attributes” says BIS | Crypto Briefing

June 24, 2021
in Market Analysis
Reading Time: 4 mins read
0
Bitcoin “Has Few Redeeming Public Interest Attributes” says BIS | Crypto Briefing
Share on FacebookShare on TwitterShare on RedditShare on Whatsapp


Key Takeaways

  • The Bank for International Settlements has blasted Bitcoin in a new economic report.
  • The report states that Bitcoin “has few redeeming public interest attributes.”
  • Stablecoins also came under fire with questions surrounding their credibility.

Share this article

A scathing report from the Bank for International Settlements (BIS) claims Bitcoin “has few redeeming Public Interest Attributes.”

The BIS as the Banks’ Bank

The Bank for International Settlements serves 60 central banks worldwide, dictating monetary policy and fostering cooperation. 

The recent announcement follows a previous consultation paper released Jun. 10, where the BIS argued the growth of cryptocurrencies could increase the risk of financial instability, stating,

“While banks’ exposures to cryptoassets are currently limited, the continued growth and innovation in cryptoassets and related services, coupled with the heightened interest of some banks, could increase global financial stability concerns.”

Due to be published on Jun. 29, the BIS report cites Bitcoin’s use in “money laundering, ransomware attacks, and other financial crimes.” Additionally, the report criticized Bitcoin’s “wasteful energy consumption” and affirmed the bank’s view that cryptocurrencies were speculative assets.

Stablecoins Under Attack

The latest report also warns of cryptocurrencies’ threat to financial stability, this time targeting stablecoins. 

“Stablecoins attempt to import credibility by being backed by real currencies. As such, these are only as good as the governance behind the promise of the backing.”

The report is just the latest in a series of criticisms levelled against stablecoins. Tether faced scrutiny in the past over the proportion of circulating coins that were backed by cash. A report published by Tether in May revealed that 75.85% of its reserves were backed by cash or cash equivalents. 

It remains to be seen what long-term effects the BIS’s stance will have. However, as the BIS holds significant influence over central banks across the globe, its conservative stance could threaten hopes for widespread adoption of Bitcoin.

Disclosure: The author held BTC and ETH at the time of writing

Share this article

The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.

You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.

See full terms and conditions.

BIS Crypto Report Undermines Itself. Not Cryptocurrency.

Over the past few days, media outlets have taken it in turns to report on a recent assessment published by the Bank of International Settlements (BIS) on Sunday. Titled as “Cryptocurrencies: looking…

What is Kusama? How Polkadot’s playground accommodates blockchain de…

Kusama is relatively young and was founded in 2019 by Dr. Gavin Wood, who also founded the Web3 Foundation and co-founded Ethereum. The team behind Kusama is essentially the same…

BIS Notes Cross-Border Banking Decline Since Bitcoin’s Creation

The Bank for International Settlements (BIS) has just released its quarterly report, describing dwindling cross-border banking relationships over the past decade. Correspondent Banking Relationships Falling Between 2011 and 2018, correspondent…

Bank of International Settlements Requesting Feedback for Crypto Regul…

The Bank of International Settlements, an international body owned by 60 worldwide central banks, published a discussion paper on treatment of crypto assets. The committee is requesting the opinion of…



Source link

Related articles

North Korea Hacked, funds, crypto, stolen

North Korea Is The Leader In The World In Crypto Crime: Report

July 3, 2022
Top 3 crypto assets to buy for a 1-year investment strategy

FTX token price outlook after BlockFi acquisition deal

July 2, 2022
Share2Tweet1ShareSend

Related Posts

North Korea Hacked, funds, crypto, stolen

North Korea Is The Leader In The World In Crypto Crime: Report

July 3, 2022
0

North Korea is the leader in the world in crypto crime cases with hackers being implicated in crypto-jacking, thefts,...

Top 3 crypto assets to buy for a 1-year investment strategy

FTX token price outlook after BlockFi acquisition deal

July 2, 2022
0

FTT holds steady at a $24 support level. FTX exchange to acquire BlockFi for $240 million. The Crypto sector...

Monero (XMR) Falls again from the crucial $180 supply zone

Monero’s price movement and prediction as hardfork edges closer

July 2, 2022
0

Monero’s is set for a hardfork on August 13 The network promises anonymity in crypto transactions Monero’s native token...

Cosmos tries to find support at $26 after a 45% drop in two weeks

Cosmos token ATOM forecast as price turns bullish

July 2, 2022
0

Cosmos is regarded as the internet of blockchains Cosmos’s token ATOM has gained by double digits in 24 hours...

Is Binance Coin (BNB) worth buying today?

Should you buy BNB at the current $215 support level?

July 2, 2022
0

BNB faces bearish pressure at a key support level The token is down 68% from its ATH Crypto market...

Load More
  • Trending
  • Comments
  • Latest
cryptology

Cryptology Launches Passive Income Product | NewsBTC

September 15, 2021
US Senator Lummis Buys More Bitcoin, Seeing BTC as 'Excellent Store of Value'

US Senator Lummis Buys More Bitcoin, Sees BTC as ‘Excellent Store of Value’ – Featured Bitcoin News

October 9, 2021
Bank of America Executive Sees Crypto as Asset Class: 'I Don't View It as Competition at All'

Bank of America Executive Sees Crypto as Asset Class: ‘I Don’t View It as Competition at All’ – Featured Bitcoin News

November 7, 2021
Small Business Owners Study Says Los Angeles Ranks the Most Crypto-Friendly City in the US

Small Business Owners Study Says Los Angeles Ranks the Most Crypto-Friendly City in the US – Bitcoin News

September 24, 2021
MicroNFT (MNT) Is Now Available for Trading on LBank Exchange | NewsBTC

MicroNFT (MNT) Is Now Available for Trading on LBank Exchange | NewsBTC

0
Floyd Mayweather – Boxing Champion Promoted an ICO

Floyd Mayweather – Boxing Champion Promoted an ICO

0
Cannabis Industry Going Crypto | CryptoPost

Cannabis Industry Going Crypto | CryptoPost

0

Why South Korea Decided To Ban ICOs?

0
MicroNFT (MNT) Is Now Available for Trading on LBank Exchange | NewsBTC

MicroNFT (MNT) Is Now Available for Trading on LBank Exchange | NewsBTC

July 4, 2022
Is Bitcoin (BTC) Dead? How Does It Affect DeFi Projects Like Gnox (GNOX) And UniSwap (UNI)? | NewsBTC

Is Bitcoin (BTC) Dead? How Does It Affect DeFi Projects Like Gnox (GNOX) And UniSwap (UNI)? | NewsBTC

July 4, 2022
Tether CTO Defends USDT Reserves Disclosure, Plans To Undergo Full Audit

How Stable Is Tether? Data Shows USDT At Massive Liquidity Imbalance

July 4, 2022
Bank of Russia Ready to Legalize Crypto Mining If Miners Sell Minted Coins Abroad

Bank of Russia Ready to Legalize Crypto Mining If Miners Sell Minted Coins Abroad – Mining Bitcoin News

July 4, 2022

Recommended

Nigeria

Breaking: Nigeria Becomes First African Nation to Launch a CBDC

October 25, 2021
Turkey Is 'at War' With Cryptocurrency, Says President Erdogan

Turkey Is ‘at War’ With Cryptocurrency, Says President Erdogan – Regulation Bitcoin News

September 21, 2021
Bitcoin Miner Revenue Increases To $40M Per Day: Analysis

Bitcoin Hash Rate Returned To Its All-Time High Levels: Report

December 9, 2021
What to expect as Chiliz edges closer to Chiliz 2.0

Chiliz soared on Messi deal: here’s where to buy Chiliz

March 30, 2022

Recent News

MicroNFT (MNT) Is Now Available for Trading on LBank Exchange | NewsBTC

MicroNFT (MNT) Is Now Available for Trading on LBank Exchange | NewsBTC

July 4, 2022
Is Bitcoin (BTC) Dead? How Does It Affect DeFi Projects Like Gnox (GNOX) And UniSwap (UNI)? | NewsBTC

Is Bitcoin (BTC) Dead? How Does It Affect DeFi Projects Like Gnox (GNOX) And UniSwap (UNI)? | NewsBTC

July 4, 2022

Categories

  • Altcoin
  • Bitcoin
  • Blockchain
  • Business
  • Ethereum
  • Guide
  • ICO News
  • Litecoin
  • Market Analysis
  • Press Release
  • Regulation
  • Ripple
  • Stablecoin
  • Trading
  • About Us
  • Contact Us
  • Privacy Policy
  • Terms & Conditions

CryptoReception © 2021 All rights reserved

No Result
View All Result
  • Home
  • Crypto News
    • Bitcoin
    • Ethereum
    • Litecoin
    • Ripple
    • Altcoin
    • Stablecoin
    • Press Release
  • Blockchain
  • Business
  • Market Analysis
  • Live Price
  • ICO News
  • Regulation
  • Guide
  • Trading

CryptoReception © 2021 All rights reserved

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.