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ARTICLE · 04 JULY 2018

Bank Of International Settlements ("BIS") Issues Cryptocurrency Warning

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In its latest annual report, the Bank of International Settlements (BIS), which is owned by 60 central banks and exists to promote financial stability and to foster international cooperation

GlobalTechnology
Sam Ruback
Sam Ruback

In its latest annual report, the Bank of International Settlements (BIS), which is owned by 60 central banks and exists to promote financial stability and to foster international cooperation, has dismissed the idea that Bitcoin and other cryptocurrencies could serve as a substitute for money.

The report flags a number of problems. First, whereas stability is an essential property of money, the value of cryptocurrencies is inherently volatile. Because such currencies are not backed by a central bank that adjusts supply in line with levels of demand, any fluctuation in demand translates into a change in value. The resulting instability is exacerbated by the frequency with which new, closely substitutable cryptocurrencies are set up.

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