Central Bank Digital Currencies Could Fuel Bank Runs, BIS Says
A central bank-issued digital currency could fuel faster bank runs during periods of financial instability, the BIS said Monday.
Bank of International Settlements
The proof-of-work algorithm used by bitcoin and some other cryptos is not viable in the long term, argues a Bank of International Settlements study.
The head of the Bank of International Settlements briefly became the butt of crypto Twitter trolling last week after issuing new comments on the tech.
The working group will pool research into CBDCs.
The Bank of International Settlements harshly reviewed the idea of cryptocurrencies, though it was more accepting of the idea of distributed ledgers.
The Bank of International Settlements intends to publish two cryptocurrency-focused chapters of its annual report this weekend.
