Bank for International Settlements: ignoring cryptocurrencies is too risky

Bank for International Settlements (BIS) has stated that ignoring cryptocurrencies at the state level is very dangerous: if central banks refuse to include them in the turnover, it might cause significant risks for the whole world economy. The statement has been made on the website of BIS.

Specialists of the institution believe that all central banks of the world should define whether they will include cryptocurrencies in the national financial systems, which terms and technical requirements they will put forward. It is particularly relevant for the developed countries in the West, where cash turnover is drastically decreasing, for example, Sweden.

When defining the terms of adding cryptocurrencies to the financial system, except technical aspects (confidentiality, security, efficiency), regulators should factor in more long-term implications for the economy.