BIS warns of crypto-induced instability in developing nations
posted 22 Aug 2023
The Bank for International Settlements (BIS) has published new findings. These suggest that, far from offering economic relief, cryptocurrencies might be escalating financial vulnerabilities in emerging economies.
Many are tempted to view the digital assets as an alternative to the typical monetary systems or a stand-in for local currencies. However, the study's authors caution that this perspective might elevate the financial risks these nations face.
While the report does highlight the transformative potential of cryptocurrencies, the BIS insists that effective regulation is vital to steer their advantages in a beneficial direction.
Many are tempted to view the digital assets as an alternative to the typical monetary systems or a stand-in for local currencies. However, the study's authors caution that this perspective might elevate the financial risks these nations face.
While the report does highlight the transformative potential of cryptocurrencies, the BIS insists that effective regulation is vital to steer their advantages in a beneficial direction.
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