Recent Crypto Turmoil Is Reminder That It’s Not ‘Sound Money,’ BIS Says

Recent market turmoil and the collapsing value of major stablecoins serve as reminders that “crypto is not sound money,” the Bank for International Settlements said.

While the industry has exposed certain technological possibilities, cryptocurrencies don’t meet other needs of usable digital money, such as safety, accountability, efficiency, inclusion and openness, the institution said in a report published Tuesday.

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