Bank of International Settlements (BIS) is made up of 60 central banks and in a 24 page document published on it's website as part of its annual economic reports it has now stated that cryptocurrencies cannot scale.
Established in 1930, the BIS is owned by 60 central banks, representing countries from around the world that together account for about 95% of world GDP. Its head office is in Basel, Switzerland and it has two representative offices: in Hong Kong SAR and in Mexico City.
- Fostering discussion and facilitating collaboration among central banks
- Supporting dialogue with other authorities that are responsible for promoting financial stability
- Carrying out research and policy analysis on issues of relevance for monetary and financial stability
- Acting as a prime counterparty for central banks in their financial transactions
- Serving as an agent or trustee in connection with international financial operations
According to BIS report, the major downside to crypto preventing it from replacing cash-money are basically: scalability, stable value of token and trust in the finality of payments. The published document criticises cryptocurrencies' decentralized nature as a flaw to it's existence rather than its strength.
You can read the whole report here but the fact is that cryptocurrencies are a threat to central banking. But they also present central bankers with an opportunity to adapt while they still can.
Honestly speaking if you leave it to the banksters they will sell every bit of this earth and everything on it to the highest bidder for all it's worth and then some. Time and again they have demonstrated the corruption in their system through various setbacks and global financial crisis.
I'm not suggesting that cryptocurrencies will overtake cash soon. It would be simply naive to believe that but they will continue growing and gaining traction towards becoming more mainstream than they are today.
Wonder why they'd expect anyone to believe their bullshit that traditional central banking is superior to decentralized payment and monetary systems such as cryptocurrencies.
IMF has recently stated that cryptos are the evolution to the current systems in place in their recently published report.
Luckily for us all, they are not the ones controlling the top blockchains in existence today.
If you were wondering, Steem is still processing the largest number of transactions per day amongst all blockchains in existence.
If you like my work kindly resteem it to your friends. You may also continue reading my recent posts which might interest you:
- Let's Watch This Fun Video From International Steem Meetup #1—Malaysia
- Why You Should Vote For @firepower As Witness—Witness Campaign Post From India!
- Steem.Chat Contest #31
Follow Me: 