‘End of Life Cycle’: BIS Report Positions DLT as Needed Banking Update
Distributed ledgers could help update aging central banking systems, says a new report, but issuing cryptocurrencies will be a more complex affair.
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 Bank of International Settlements harshly reviewed the idea of cryptocurrencies, though it was more accepting of the idea of distributed ledgers.
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 Bank of International Settlements intends to publish two cryptocurrency-focused chapters of its annual report this weekend.
A central bank-issued digital currency could fuel faster bank runs during periods of financial instability, the BIS said Monday.