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Retail Adoption of Crypto Would "Bring the Internet to a Halt" - BIS Report


The Bank of International Settlements (BIS) has leased a chapter from its forthcoming annual report that delivers a critical appraisal of bitcoin and cryptocurrency. The report attacks virtual currencies from several main standpoints: claiming that cryptocurrencies do not effectively perform monetary functions due to price volatility, that the retail adoption of blockchain-based payment mechanisms would "bring the internet to a halt," mass cryptocurrency adoption would reap a drastic environmental toll, and that the trust engendered by a decentralized network is too "fragile" to compete with that of centralized institutions.

BIS Annual Report Provides Critical Appraisal of Crypto

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