Bank for International Settlements claimed that cryptocurrencies such as bitcoin, ether, and stablecoin tether do not serve the primary functions of money, and are, therefore, a poor store of value, according to the bank’s report called “Money and payment systems in the digital age”.
As it was stated in the report, digital currencies have not yet reached a critical mass level and are unlikely to do so in the future. The possible reason for that is lack of scalability and the high cost of transactions.
Earlier it was reported that Bank of International Settlements claimed in another document that fiat money will not be replaced by digital and that cryptocurrencies become more inefficient as they grow.
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